LONDON (Alliance News) - Eurasia Mining PLC on Monday said subsidiary Kosvinsky Kamen has agreed with Uralmetmash to carry out mining at the West Kytlim platinum, palladium and gold mine, located in the Ural mountains in Russia.
The company expects work to commence on site immediately, with concentrate production expected in April.
Uralmetmash is a newly-established company, set up by the directors of Techstroy, as a special purpose vehicle to focus on the West Kytlim project.
Techstroy was the contractor employed at the West Kytlim mine for the 2018 season.
For the new mining season, Uralmetmash will be responsible for pit development, mining, ore trucking, washing and disintegration, while Kosvinsky Kamen will take care of concentrate upgrade, shipment of mine product, and distribution of metal sales revenues.
Executive Chair Christian Schaffalitzky said: "We are pleased to be working again with the team that proved so effective during 2018. They were a very efficient operator last year, with a zero accident record, and financially motivated to develop the asset in a sensible manner."
Eurasia Mining shares were trading down 0.8% at 0.49 pence each.
Eurasia Mining (EUA)