Eurasia Mining PLC - Russia-focused palladium, platinum, rhodium, iridium and gold producer - Completes the final high voltage electrical testing and the contractual 72-hour continuous performance test at West Kytlim. Says further operations at the site await a general thaw and abundant running water in order to commence washing of gravels. Expects the power line and electric dragline will have a "positive impact" on mining operations in 2023. At Monchetundra, company is expecting a final opinion on the definitive feasibility study for the project in the "coming weeks." Meanwhile, at the Nyud project, the company says further development regarding the agreement entered into with Rosgeo in March 2021 are being considered now that the agreement has expired.
Eurasia Mining says it is continuing to consider its options for the sale of all its interest in Russia. Acknowledges shareholder frustration regarding the length of the sale process but notes that recent transactions have completed successfully despite the geopolitical situation. Adds there is no guarantee it will enter binding agreements.
Chair Christian Schaffalitzky says: "We continue to advance our projects in the Urals and Kola Peninsula, despite the ongoing conflict in Ukraine. The winter stripping programme, utilising our new electric dragline, continues at West Kytlim and we anticipate a final opinion on the Monchetundra DFS from Rosnedra in the coming weeks."
Current stock price: 3.75 pence
12-month change: down 62%
By Heather Rydings, Alliance News senior economics reporter
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Eurasia Mining (EUA)