LONDON (Alliance News) - Gold and platinum miner Eurasia Mining PLC said on Tuesday it has been given the official license certificate regarding the mine permit for the Monechetundra project in Russia.
In addition, on Monday the permit was registered in the state registry of subsoil mining licences in Moscow.
Rosendra, the Russian Federal Agency for Mineral Resources, calculated the licence payment at RUB20.8 million, about GBP250,000, 20% of which will be paid within 30 days of the licence registration.
The remaining 80% will be payable within five years of the date of the licence's registration.
"Congratulations to all our team in bringing this matter to a successful conclusion. Again we wish to thank the officials involved in moving the license documentation along so soon after the final decree from Prime Minister Medvedev. We look forward to advancing the project through construction now that the final permits are entirely in place," said Executive Chairman Christian Schaffalitzky.
Shares in Eurasia Mining were up 1.0% at 0.64 pence on Tuesday.
Eurasia Mining (EUA)