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(Alliance News) - Eurasia Mining PLC said Tuesday it has appointed Anthony James Nieuwenhuys as non-executive director with immediate effect and said it is in "full control" of West Kytlim mine in Russia.
The company said Nieuwenhuys, who is currently a chief executive officer at South African Lesego Platinum Mining Ltd, has held senior positions in the industry including chief operating officer at Russian gold company Polyus Gold.
The company said in September that the appointment of Nieuwenhuys would only occur if a potential transaction with Lesego Platinum was to progress.
However, Eurasia Mining reiterated that approach has changed and "at this stage, there is no intention to enter into any arrangement with Lesego, although both companies continue to keep this under review."
Eurasia Mining also said due to delays and inconsistencies by the original contractor at West Kytlim, only 66 kilograms, or 2,122 ounces, of platinum has been approved by authorities as the maximum limit for production in 2019.
Eurasia Mining said it is fully financed to start the 2020 drilling season without contractors using its own equipment, keeping all margins and positive effects from platinum group metal prices.
Christian Schaffalitzky, chair of the company, said: "Contracting in the early years was necessary to build our own team on the ground, however it resulted in relying on potentially unsustainable production due to the contractor's own priorities."
"We are happy to be in full control now," Schaffalitzky noted.
Eurasia Mining shares were down 9.4% in London at 3.15 pence each on Tuesday.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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