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IN BRIEF: Eurasia Mining receives proposal from party to buy assets

Wed, 12th May 2021 19:20

Eurasia Mining PLC - UK-based mining & mineral exploration company - Confirms that it has received a proposal for the acquisition of certain assets, leading to the conclusion of the formal sale process.

The proposal in particular is from a "credible party" for the acquisition of substantially all of Eurasia Mining's assets, following the conclusion of the joint venture of Rosgeo where Eurasia will gain a 75% stake in nine platinum group metal and battery metal assets, with a total of 104.6 million ounces of platinum equivalent in reserves.

In addition, Eurasia has confirmed that the technical project for the West Kytlim site has been formally approved, with three plants set to be in operation this year.

"The directors are committed to maximising the value for all the shareholders, and we are delighted to have received a proposal from a credible party that could allow us to pay a significant dividend to all shareholders. We are also committed to the concurrent development of the company in two PGM districts: in the Urals, where we have recently had our DFS and Technical project approved to expand volumes with 3 plants in production this year (as opposed to 1 plant in previous years); and in the second district of Kola, where we concluded the Rosgeo JV to significantly expand our presence both in PGM and in battery metals segments," says Executive Chair Christian Schaffalitzky.

Current stock price: 25.00 pence

Year-to-date change: down 26%

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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