Taken from ACFER research note5 Feb 2020 12:40
Recent transactions...
2016 - Stillwater to Sibanye in December 2016 for $2.2 billion
2019 - NAP to Impala Platinum for $758 million (~5Moz)
EUA is exploring a potential sale of palladium rich Monchetundra project and we expect it to receive similar premium if
the transaction occurs. As per the Russian Cadastre, a panel of independent experts, the potential for the area could be
40 million oz of PGMs comprised of:
1) Potential resources within the existing company licence and the flanks application of ~15 million oz.
2) Potential resources occurring within 5km of the Monchetundra mining license and areas neighbouring the company's deposits of ~4 million oz.
3) Potential resources within the wider Monchegorsk district in which the Monchetundra license is located of ~21 million oz
Additional advantages:
- EUA has a much lower extraction cost per basket
- EUA basket content has a higher Pd:Pt ratio
- EUA is fully permitted and has first refusal on flanks (a further 15 Moz-40Moz) - licences imminent
- No debt and fully cashed up
- 100% revenue from West Kytlim which is in production and ramping up this year.