(Alliance News) - Eurasia Mining PLC on Thursday said investment banks CITIC and VTB Capital have started assisting the company with strategic options for its mining assets.
The stock was trading 84% higher in London on Thursday at 0.86 pence a share.
The banks have agreed to work on a success-fee basis, the producer of palladium, platinum, iridium, rhodium and gold said.
"The board is pleased that major banks such as CITIC and VTB Capital, the largest investment banks in China and Russia, respectively, are interested in Eurasia's platinum group metals deposits including the ones in Kola which are much improved in size following the addition of the new 'Flanks' areas," said Chair Christian Schaffalitzky.
If the company was to dispose of both of its Kola and Urals assets, then a general meeting of shareholers would need to be convened, seeking approval, Eurasia Mining said. At this time, however, there can be no guarantee that any transaction will occur or that these assets will be sold, the London-headquartered company explained.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Eurasia Mining (EUA)