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LONDON (Alliance News) - Eurasia Mining PLC Monday said it has lodged a Russian standards compliant report for approval of reserves in the discovery area of the Tylai Kosvinsky Placer on its West Kytlim Licence.
The platinum miner has recently established a reserves base at the license sufficient to sustain production from multiple sites rather than production from a single operational site as it initially planned. It said this was the scenario preferred by the State Reserves Commission and so it hopes that the application will beak the impasse between the regulator and the company and allow it to start producing in 2014.
If granted by the State Reserves Commission, the approval will allow the company to efficiently use its equipment and infrastructure and cut costs because it'll achieve economies of scale by producing more.
Eurasia Mining shares were down 1.3% at 0.74 pence Monday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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