LONDON (Alliance News) - Eurasia Mining PLC Tuesday said it progressed work on its West Kytlim and Monchetundra projects in Russia, as it reported a widened pretax loss for its first half.
For the half year to end-June, the company reported a pretax loss of GBP323,517, widened from a pretax loss of GBP283,700 a year before, mostly as a result of higher administrative costs. It did not post revenue in the current period. In the previous year it reported revenue of GBP3,640.
At West Kylim, the company is moving from exploration to mining, and is targeting the first production of platinum in 2016. In June, the company's application for a mining licence at the site was approved. It will now work to complete a development plan for the project and said work is "well advanced" on this plan.
At Monchetundra, the company said it is "excited" by discoveries it has identified at the site, and it is planning to submit a feasibility study to the government agency Rosnedra to seek the award of a discovery certificate. It expects to submit this in late 2015 or early 2016.
Shares in Eurasia Mining were down 3.8% at 0.697 pence Tuesday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Eurasia Mining (EUA)