Feet up and relaxed here! It's Just a waiting game now!1 May 2021 09:02
The company is primarily an exploration company and NOT a production miner, it has stated it will ramp up production going forward, but this is just so it can reinvest more profits to self-fund the exploration without any cash raises! growing organically!
The fact the company has some word-class assets has bought it to the attention of some prospective buyers, and so the company has put itself up for sale within an FSP!
From RNS Number : 6679A
"As you are aware, 'OUR COMPANY' is now in an offer period and has appointed several professional advisers including UBS on investment banking side and recently DLA Piper on the legal side to work with the Company through the 'SALE' process. This strategic decision was the culmination of many years of hard work by our team in realising the value in our projects. With the final approval of the Flanks license surrounding Monchetundra, the Company has been successful in establishing a dominant position and a first mover advantage in Kola PGM, which, coincident with developments in the PGM market, has 'SPURRED INTEREST IN THE COMPANY'.
The board and executive team have 'NOW' been restructured to 'FULLY FOCUS' on the 'SALE' process."
"Lastly the Company is in a strong financial position, considerably stronger than at any point in the past decade. Following the completion of the Placing with institutional investors announced in August 2020, the Company raised US$10m"
"If required, the Company also has access to the previously announced US$1m credit line which is provided by way of a loan agreement between Eurasia and Hamomelia Services Limited, a company owned and controlled by Dmitry Suschov, a director of Eurasia"
" The DFS, this, in turn, allows more open pit sites to be mined concurrently to increase the production volumes. The DFS is to be submitted for review and the final approval is expected before the end of 2020, in advance of the 2021 mining season"
The company then receives the DFS that states mining from the mines concurrently is the way to go to maximise output!
And the company says ..... That is NOT their current plan?
"The Monchetundra Project is Eurasia's flagship world class PGM project and comprises two open pittable deposits near the town of Monchegorsk on the Kola Peninsula, Northwest Russia. A production permit was received in November 2018. A Detailed Project Design Report was developed by Central Kola Expedition (Eurasia's contractor that works with Norilsk Nickel, SeverGroup, Fosagro, Rusal, and other mining majors on the Kola Peninsula) and approved by the Ministry of Natural Resource's regional branch in October 2019, while an engineering, procurement, construction and finance ("EPCF") agreement is in place with Sinosteel for the turn key launch of production and providing for full financing of Monchetundra"
The company has cash!
The company has a $150m 'ECPF'
Does the company show interest in mining on a large scale?
NO!
Just selling I say.
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