(Alliance News) - Eurasia Mining PLC said Monday it continues to progress discussions with a Chinese and Russian investment bank about the "possible strategic options" for its current mining assets.
Shares in the producer of palladium, platinum, iridium, rhodium and gold closed down 16% in London on Monday at 3.40 pence each.
At the end of October, the company said investment banks CITIC and VTB Capital have started assisting the company with strategic options for its mining assets. The banks have agreed to work on a success-fee basis, the miner said.
However, no engagement letter has been signed, and discussions remain ongoing.
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 Paul McGowan; paulmcgowan@alliancenews.com
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Eurasia Mining (EUA)