Favourite statement ever dropped in an RNS18 Aug 2021 11:25
Fully financed and an area that can be developed to rival the Bushveld -
Christian Schaffalitzky, Chairman at Eurasia commented: 'We are pleased to offer this further update on the resource surrounding our Monchetundra Project. We are now well established in Kola with a production license valid until 2038 and our exclusivity to the flanks firmly established under applicable laws. We have always noted the significant potential in the area which we now more strongly believe can be developed into a new global mining region for PGM to rival other large PGM producing regions of the world, including the Bushveld Complex in South Africa and the Taimyr Peninsula in Russia. It is not unusual for layered mafic massif to contain multiple deposits and deposit types. The Monchepluton Massif, hosting the majority of the deposits mentioned here, is generally accepted to contain many of the internationally recognised intrusive igneous PGM deposit types. With our EPC and Financing contract with Sinosteel signed and valid for 10 years our 2 open pittable Monchetundra deposits are fully financed and we can in our opinion rapidly move into production. We have also previously stated (see announcements dated 24 October and 25 November 2019) that we are considering all options for the Monchetundra Project including the potential sale - the resource potential here mentioned, as well as our expansion strategy on the Kola Peninsula as a future palladium district are key considerations in our discussion.'
What about the JV -
"Eurasia will be the operator of the JV and, if it chooses to do so, will develop the Additional Assets by implementing an EPCF (Engineering, Procurement, Commissioning and Financing) structure similar to that signed with Sinosteel for the Monchetundra open pit mines."
James Nieuwenhuys, CEO and Managing Director of Eurasia commented: "We are excited to significantly expand our portfolio by adding open pit deposits adjacent to our Monchetundra and creating a unique open pit mining PGM and battery metals district on the Kola Peninsula, where we are already established with open pit Monchetundra mine with 64% of palladium in the basket and with AISC in the first quartile of the global cost curve. With my mining EPC experience as COO of Polyus in Russia, as well as at management positions with SNC-Lavalin, Bateman and XCEL Engineering and Management and our team of experienced professionals we are going to roll out the EPCF structure we put in place for Monchetundra to the Additional Assets significantly strengthening our position in the open pit PGM and battery metals district of Kola, where similarly to the Urals open pit PGM district, we have first mover advantage in these times, when the traditional PGM districts are starting to struggle with various challenges posed by the underground mines like energy issues, environmental issues and floods to name a few".
Feet up, relaxed, sipping on some nice chilled Koka Kola!
GLA
Sign In
Follow the stocks
