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Pin to quick picksEurasia Mining Regulatory News (EUA)

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Kola Nickel Incorporation

14 Jan 2022 13:11

RNS Number : 5229Y
Eurasia Mining PLC
14 January 2022
 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

 

 

14 January 2022

 

Eurasia Mining Plc

 

Kola Nickel Incorporation

 

Eurasia Mining Plc ("Eurasia" or the "Company"), the palladium, platinum, rhodium, iridium and gold producing company, is pleased to announce that Eurasia has incorporated a 100% beneficially owned subsidiary, Kola Nickel LLC, following the Tier-1 Scale JORC Mineral Resource Estimate produced by Wardell Armstrong International ("WAI") at NKT, a nickel mine formerly operated by Norilsk Nickel (as announced via RNS on 16 December 2021).

 

Highlights:

 

· Nickel is now the main metal in Eurasia's basket of metals (on a Net Smelter Royalty basis) following the JORC Mineral Resource Estimate produced by Wardell Armstrong International at NKT. Work is being finalised on the high-grade veins part and the open pit part of NKT, as well as on the assaying to upgrade the resource to be separately announced in due course (please refer to RNS dated 16 December 2021).

 

· Kola Nickel LLC was incorporated as Eurasia's 100% beneficially owned subsidiary in order to carve out all the nickel assets of Eurasia into one subsidiary company.

 

· Similar to NKT, Nyud's main metal is also nickel. Nyud is included in the agreement with Rosgeo (for more information on Nyud please refer the last bullet point below and RNS of 26 August 2021).

 

· Wardell Armstrong International was engaged by Eurasia to produce JORC Mineral Resource Estimate at Nyud, as well as a CPR and net present value model. The results of this engagement is almost complete and will be announced separately.

 

· Like NKT, Nyud is a nickel open pit mine previously operated by Norilsk Nickel. A trial open pit was developed at Nyud by Norilsk Nickel and nickel dominant ore was shipped directly to Severonickel, the world's largest nickel processing plant. Similar to NKT, the Nyud area is well served with the infrastructure required for the relaunch of mining and processing and the tailings will be used as backfill for the old NKT mine developed in the past, following the best practices in ESG and saving on the tailings storage facility capital expenditure.

 

 

Christian Schaffalitzky, Executive Chairman of Eurasia commented: "The Directors are focused on further prioritising nickel as Eurasia's main metal, while we consolidate formerly operating nickel mines in one subsidiary company. We continue to observe significant interest in nickel dominant mines, especially in the ones closer to production like formerly operating NKT and Nyud brownfields relaunch".

 

James Nieuwenhuys, CEO and Managing Director of Eurasia commented: "The Board members are looking forward to finalising the consolidation of formerly operating nickel mines on the Kola Peninsula. Splitting our nickel, PGM and hydrogen projects into separate subsidiary companies allows us to execute on our strategy as announced".

 

Glossary

 

"Tier 1 Scale" means deposits that are "company making". They are large, long life and low cost. Using long run commodity prices, they generate >$300-600 million per annum of revenue and are in the bottom quartile of the cost curve. They have very robust economics and will be developed irrespective of the current business cycle and whether the deposit has been fully drilled out for resource and reserves purposes. It is expected that the economics of the deposit will achieve a >12% internal rate of return after-tax.

 

A copy of this announcement is also available on Eurasia's website at:

https://www.eurasiamining.co.uk/investors/news-announcements.

 

For further information, please contact:

 

Eurasia Mining Plc

+44 (0) 20 7932 0418

Christian Schaffalitzky / Keith Byrne

 

SP Angel (Nominated Advisor and Joint Broker)

 

Ewan Leggat / David Hignell / Adam Cowl

+44 (0) 20 3470 0470

Optiva Securities (Joint Broker)

 

Christian Dennis

+44 (0) 20 3137 1902

About Eurasia Mining Plc

 

Eurasia Mining plc is a PGM and battery metals producing company, operating the established West Kytlim Mine in the Urals, and also being the operator of the Monchetundra Project comprising two predominantly palladium open pit deposits located 3km away from Severonickel, one of Norilsk Nickel's largest base metals and PGM processing facilities, near the town of Monchegorsk on the Kola Peninsula.

 

Eurasia's project portfolio also includes Nittis-Kumuzhya-Travyanaya (NKT), Tier-1 scale Nickel mine formerly operated by Norilsk Nickel.

 

A parallel business development strategy based on the Hydrogen Economy forms a new development arm of the Company.

 

 

About Wardell Armstrong International

 

Wardell Armstrong International is a multidisciplinary Environmental, Engineering and Mining consultancy operating in the UK and internationally helping clients get the best possible financial returns - while doing things in a sustainable, responsible way, continually improving environmental performance in own activities and in the advice to the clients.

 

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.Reach is a non-regulatory news service. By using this service an issuer is confirming that the information contained within this announcement is of a non-regulatory nature. Reach announcements are identified with an orange label and the word “Reach” in the source column of the News Explorer pages of London Stock Exchange’s website so that they are distinguished from the RNS UK regulatory service. Other vendors subscribing for Reach press releases may use a different method to distinguish Reach announcements from UK regulatory news.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
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NRASFAFDLEESESF
Date   Source Headline
26th Jun 20134:03 pmRNSResult of AGM
5th Jun 20137:00 amRNSCommencement of Drilling at Kola
29th May 20131:08 pmRNSFinal Results
10th May 20137:00 amRNSDrilling results update: West Kytlim
12th Apr 20131:23 pmRNSReplacement: Exploration Update
12th Apr 201312:47 pmRNSExploration Update: Russian Platinum Projects
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27th Sep 20127:00 amRNSHalf Yearly Report
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