LONDON (Alliance News) - Eurasia Mining PLC said Friday it will have to pay a one-time licence fee of RUB20.8 million, or around GBP243,875, for its Monchetuntra mine, located in north-west Russia.
The gold producer will have to pay 20% of the fee, or roughly GBP48,775, within 30 days from the licence registration. The firm said it expects to receive the official document in the coming weeks, after which it will pay the fee from its existing resources.
The remaining 80%, around GBP195,100 is payable within five years from the licence's registration.
On Wednesday, Eurasia said it had secured the mining permit for Monchetuntra platinum group metals and base metals mine.
The permit fully authorises mine construction and extraction at two open pit locations at Mochetundra, which has an approximately 2 million ounce palladium equivalent reserve and resource in addition to significant nickel and copper revenue streams, according to Eurasia.
Eurasia Mining shares were trading up 3.4% at 0.68 pence each.
Eurasia Mining (EUA)