RE: nodski nodski winkski winkski27 Nov 2019 17:58
Like the £169K buy after hours. I'm holding. Yes, the SP may drift further downwards as momentum from small investors disappears, but the company still has valuable assets IMHO worth far more than the current SP to a buyer and you have the fall-back of the production from West Kytlim plus the EPCF agreement with Sinosteel re Monchetundra.
Look back at the announcement just under a year ago:-
Eurasia Mining updated the market on its Monchetundra Mine Permit on Wednesday, publishing further details of the now fully-approved mine permit and the administrative steps following the final award in November. The AIM-traded company said the mine permit was awarded by government decree on 20 November, and was granted based on a previously-issued discovery certificate. It said it fully authorised mine construction at the 2Moz Pd equivalent state-approved reserve and resource, with "significant" additional nickel and copper revenue streams.
The Monchetundra Project is located adjacent to the town of Monchegorsk, 130 kilometres south of Murmansk on the Kola Peninsula, bordering Finland in northwest Russia.
Eurasia Mining said it had conducted telephone communication with RosNedra, the Russian Federal agency responsible for mining, confirming that an order to issue the license documentation had been forwarded by the Ministry of Natural Resources to RosNedra, and that an official document detailing the permit would be forthcoming in accordance with standard procedure.
The one-time license payment would also be confirmed to the company, with payment terms set out on a 20/80 basis - 20% initially, and 80% within the first five years of mine production.
It explained that the Monchetundra Project, with an in-situ total reserve and resource value of approximately $2.1bn, was now licensed to mine and could continue to the construction phase.
As it had previously announced, an engineering procurement construction and financing (EPCF) contract was already in place with the Chinese state-owned major infrastructure project group Sinosteel, for 85% - or $149.6m - of a total contract value of $176m.
A $50m sub-contract was specified within the contract, and was assigned to Eurasia's 80%-owned subsidiary Terskaya Gornaya Kompany (TGK), or a sub-contractor of its choosing, for engineering and pit development works in advance of mining.
The mining license was the first hard rock PGM mining permit to be issued in the Russian Federation since February 2016, Eurasia said.
It added that the the 1.9 million ounce palladium equivalent reserve and resource with base metals credits wee now permitted for extraction at two open pit locations - West Nittis and Loipishnune.
"We are thrilled and honoured to have received the final permission required to proceed and build a mine at our Monchetundra PGM and base metals project," said Eurasia Mining managing director and executive chairman Christian Schaffalitzky.
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