motley fool17 Oct 2020 09:09
However, considering platinum group metals are highly sought after by China’s car producers, I think it’s likely it will find a buyer.
Eurasia Mining produces platinum and gold from its West Kytlim mine in the Ural Mountains, where it’s been mining since 2018. It took full control of this asset in June, after investing heavily in necessary equipment. This was partly to blame for the massive increase in net losses, from £106k to £1m, in the first half of the year. The company also owns the Monchetundra mine in the north of Russia. This is not yet producing but boasts a two-million-ounce resource, thought to have a value of over $2bn. Permits are in place and it has the potential to produce platinum, iridium, palladium, and gold. Eurasia also searches for gold and silver at its Semenovsky mine tailings operation. From 1943 to 1998 this was a processing plant. Eurasia, now reprocesses waste material found there, to double check it for traces of gold and silver.