Nice31 Oct 2019 15:24
just found this from March so clears up the 50 million from sinosteel....Sinosteel and EPCF summary
Sinosteel (http://en.sinosteel.com/index.html) is a diversified and integrated base and industrial metals enterprise and a major importer of iron ore to China. They have also built chrome and nickel operations in South Africa, China, Indonesia and Australia. 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.
Flanks areas license applications
As is the case with Eurasia's operating mine at West Kytlim in the Ural Mountains, the holder of a mining license has, under Russian legislation, the right to apply for further ground adjacent to an identified deposit, and within 5km of an approved reserve. The issue of the mining license at Monchetundra could considerably change the project's potential, as the holder of the mining license can play a pivotal role in the development of further deposits adjacent to the issued license.
Eurasia's Monchetundra Project occurs at the triple junction of three major igneous massifs, namely; The Monchetundra Massif, Monchepluton Massif and the NKT (Nittis Kamushnaya Travanya Massif). Significant exploration and mining have occurred in these massifs in the past, including exploration and open cast and underground mining in base metals including Nickel and Cobalt, as well as PGM, mostly Palladium. Eurasia's focus will be on potential additional areas' prospectivity in terms of Palladium, Nickel and Cobalt.
TGK, Eurasia's 80% owned subsidiary, and the holder of the Monchetundra Mining Permit can apply uncontested for areas on the 'flanks' of the existing license which do not contain an approved reserve and are within 5km of the current mining license. TGK can also apply for areas on the flanks of the license where a state approved reserve is already registered, though this can be contested. Other company's applying for areas within the 5km flanks zone, with or without known resources and reserves, must seek written approval from TGK for their application.
A number of deposits are known adjacent the Monchetundra deposits, some of which may contribute directly to the long-term development of a PGM-base metal operation with toll treatment over distances of 2 to 8km. These prospects and potential applications are now being reviewed in detail by Eurasia, TGK and CKE, with applications to be made within 3 years of the issue of the mining permit. At the Company's West Kytlim Mine a 71.1KM2 additional Flanks License was awarded to Eurasia in mid-December 2018, that has increased the total area from 21.5KM2 to 92.6 KM2, i.e. by 4.5 times.