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26 July 2021
Eurasia Mining Plc
Kola Subsidiaries' New CEO Appointment
Eurasia Mining Plc ("Eurasia" or the "Company"), the palladium, platinum, rhodium, iridium and gold producing company, is pleased to announce an appointment of a new CEO of its Kola subsidiaries.
Konstantin Firstov, former Managing Director of Rosgeo has been appointed as CEO of Eurasia's 100% subsidiary Yuksporskaya Mining Company / Yuksporskaya Gornaya Kompaniya ("YGK") (for more details on YGK please see below).
Konstantin is an experienced mining engineer having also previously worked as the head of open pit mining at Achinsk, the largest operation of Rusal, a leading company in the global aluminium industry, producing metal with a low carbon footprint.
Konstantin has further been appointed an interim CEO (interim in the framework of the RNS released on 12 May 2021) of Eurasia's 80% subsidiary Terskaya Mining Company / Terskaya Gornaya Kompaniya (that holds the Monchetundra license and the Monchetundra Flanks license).
As announced via RNS of 26 March 2021, Eurasia signed a binding agreement to create a joint venture with Rosgeo in which Eurasia will own a 75% equity stake in nine PGM and battery metals assets (four of which are post Russian Feasibility Study with state approved reserves) with a total of 104.6Moz of Platinum equivalent Russian Code reserves and resources in the immediate vicinity of the Company's Monchetundra Project in the Kola Peninsula.
As further announced on 15 June 2021, Monchegorskoe LLC was created to hold the licence for the Nyud open pit PGM and battery metals deposit ("Nyud"). Eurasia's 100% YGK has signed a notarised agreement with Rosgeo Group company pursuant to which YGK will become a 75% shareholder in Monchegorskoe LLC after the licence for Nyud is transferred from Rosgeo to Monchegorskoe LLC. Eurasia, through YGK, will also have a right to acquire Rosego's 25% shareholding in Monchegorskoe LLC upon the completion of a JORC Code compliant competent persons report on Nyud.
Christian Schaffalitzky, Executive Chairman of Eurasia commented: "The Directors are delighted that a highly experienced professional is joining Eurasia, as we are committed to the concurrent progress of both our operations and our strategy as announced on 12 May 2021".
James Nieuwenhuys, CEO and Managing Director of Eurasia commented: "The Board members are confident that Konstantin's experience, as the head of Achinsk open pit mining operations and as Managing Director of Rosgeo, augmented with my extensive EPC experience to manage turn key construction and commissioning will be important at Rosgeo JV projects going forward, while the West Kytlim expansion is already in good hands of our in-house team on the sites".
A copy of this announcement is also available on Eurasia's website at:
https://www.eurasiamining.co.uk/investors/news-announcements.
Nice rumtastic appointment :-)
I think this RNS will be the Firstov many in the coming days / weeks...
just got to be careful not to fly too close to the sun like ol' Icarus!
https://www.imdb.com/name/nm4622609/
I couldn’t open that rns fast enough! Oh well. Back to waiting.:-(
Ok Bellers..you got the gold..I’ve got the silver..close tho :-))
SP will fall tomorrow, as RNS is a bone without meat on it!!
B1ll - I wouldn't mind either way.
Nice RNS and confirms info already shared here.
Note the reference to the 12th of May RNS!
Sooooon!
MS
It's all moving along nicely, good to see things confirmed in RNS.
GLA
Some know but others don't, so -
"An interim CEO is a person appointed by a company's board of directors to assume the role of the chief executive officer during a time of transition" -
"Konstantin has further been appointed an interim CEO (interim in the framework of the RNS released on 12 May 2021) of Eurasia's 80% subsidiary Terskaya Mining Company / Terskaya Gornaya Kompaniya (that holds the Monchetundra license and the Monchetundra Flanks license)."
GLA
More positive developments & reference to previous RNS , sounds like a plan is set in stone & more RNS to come , with Special Divis to follow .
Septic Lil will be chuffed she was in the guess the RNS competition today !
Rums all Round
The word for me is committed…..committed to the strategy ….lovely.
So, there you go, MT and the flanks are going imho
The other appointment looks to take Rosgeo JV to production, well, that's what i think after reading the RNS, what do others think?
GLA
Re ref to previous rns?
Where was ref to talks still ongoing? To divi?
Sorry this is looking more and more like a company going it alone and selling nothing ?
They just haven’t said yet!
Certainly crippz!
James and Konstantin here to do one thing -
"James Nieuwenhuys, CEO and Managing Director of Eurasia commented: "The Board members are confident that Konstantin's experience, as the head of Achinsk open pit mining operations and as Managing Director of Rosgeo, augmented with my extensive EPC experience to manage turn key construction and commissioning will be important at Rosgeo JV projects going forward"
GLA
I agree with you mac,
Sale of them assets alone and a nice new eurasia ship to carry on with our merry voyage.
Totally agree with you there Mac - MT and flanks are going.
Read it again , but a bit more carefully , notice the ‘interim’ word , that’s what tells you we’re still on track for the sale / part sale
It's all looking very good Rjc1, this is going to be truly amazing as they advance the Rosgeo JV areas to production after the MT and flanks disposal.
Nice chunky divi to all patient shareholders and on to the rest of the district there. Royalty divi payments from MT and flanks for the duration of mining hopefully as well.
GLA
IMO, MT & MT Flanks is definitely part of the asset sale.
Believe WK is going to a different buyer.
Three legal teams working - one for MT/Flanks, another for WK and the third for the development of the JV licences.
GLA.
How much do you think MT/Flanks is worth out of interest?