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(Sharecast News) - Palladium, platinum, rhodium, iridium and gold producing company Eurasia Mining updated the market on the Rosgeo joining venture on Tuesday, having signed a binding agreement to create the venture in late March.
The AIM-traded firm said that under the agreement, it would own a 75% equity stake in nine platinum-group metals and battery metals assets, four of which were post-Russian feasibility study with state approved reserves, with a total of 104.6 million ounces of platinum-equivalent Russian Code reserves and resources in the immediate vicinity of its Monchetundra project, on the Kola Peninsula.
It said on Tuesday that the first joint venture company, Monchegorskoe, had now been created to hold the licence for the Nyud open-pit platinum group and battery metals deposit.
Eurasia's wholly-subsidiary, Yuksporskaya Mining Company (YGK), had signed a notarised agreement with Rosgeo Group, under which YGK would become a 75% shareholder in Monchegorskoe after the licence for Nyud is transferred from Rosgeo to Monchegorskoe.
Through YGK, the firm said it would also have the right to acquire Rosego's 25% shareholding in Monchegorskoe on completion of a JORC-compliant competent persons' report on the asset.
"The directors are committed to maximising the value for all shareholders, and thus committed to advance the Rosgeo joint venture concurrently with the progress we are making on our strategy as announced on 12 May," said executive chairman Christian Schaffalitzky.
James Nieuwenhuys, chief executive officer and managing director, added that the company was "enthusiastic" to create a "globally-significant" platinum group and battery metals company with Rosgeo, which he described as a "large, internationally-diversified" company.
"We are using the momentum of hydrogen and electric vehicle markets growing fast on the one hand, and the traditional platinum group metals regions struggling with various challenges including underground mine floods and limited electricity supply on the other hand," Nieuwenhuys explained.
"This year of 2021 is unprecedented for Eurasia in terms of the Rosgeo joint venture completion, West Kytlim production ramp-up and the cash balance the company has at hand, all contributing to Eurasia's strong position to execute on its strategy."
At 0911 BST, shares in Eurasia Mining were down 2.61% at 22.4p.
11 Jan 2024 12:14
Eurasia Mining subsidiary wins Russian tax claim litigation settlement
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