.1 Aug 2023 14:53
4/12/2019 RNS partial -Tipil license, West Kytlim
As announced on 17 June 2019 the new Tipil license (24.5km2) contains approximately 17 kilometres of river course and sedimentary units proven to host PGM deposits at the West Kytlim project. Geological data and historical mining information have been analysed by the Company's geologists and compiled in a report supporting the application, which includes exploration data generated by the Company in its earlier exploration licence. The application has been approved by the Russian federal bodies and requires only a formal meeting of the local mines commission. Further updates will be provided when that next step is reached.
Sinosteel EPC contact update:
As Monchetundra's flanks application is progressing, the Company keeps its EPCF contract in place with Sinosteel, which establishes the route to the Monchetundra Project's development. Sinosteel is a diversified and integrated base and industrial metals enterprise and a major importer of iron ore to China. The Sinosteel EPC financing covers 85% (or US$149.6M) of a total contract value of US$176M.
A US$50M sub-contract is specified within the contract and is assigned to Eurasia's 80% subsidiary TGK, or a sub-contractor of its choosing, for engineering and pit development works in advance of mining. Once activated, the contract provides for a payout of the US$50M subcontract over a period of 36 months. The sub contract has not yet been activated by Eurasia as it continues to consider its options for the assets. In the meantime, the Company can trigger the start of the Sinosteel EPC contract, at any time at its discretion, until 2027. Accordingly, Monchetundra project remains 100% financed as previously announced. Further updates will be provided in due course as appropriate.
So some value after all... lol
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