Last checked at 26 Jul 2021 17:37
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26 July 2021
Eurasia Mining Plc
Kola Subsidiaries' New CEO Appointment
Eurasia Mining Plc ("Eurasia" or the "Company"), the palladium, platinum, rhodium, iridium and gold producing company, is pleased to announce an appointment of a new CEO of its Kola subsidiaries.
Konstantin Firstov, former Managing Director of Rosgeo has been appointed as CEO of Eurasia's 100% subsidiary Yuksporskaya Mining Company / Yuksporskaya Gornaya Kompaniya ("YGK") (for more details on YGK please see below).
Konstantin is an experienced mining engineer having also previously worked as the head of open pit mining at Achinsk, the largest operation of Rusal, a leading company in the global aluminium industry, producing metal with a low carbon footprint.
Konstantin has further been appointed an interim CEO (interim in the framework of the RNS released on 12 May 2021) of Eurasia's 80% subsidiary Terskaya Mining Company / Terskaya Gornaya Kompaniya (that holds the Monchetundra license and the Monchetundra Flanks license).
As announced via RNS of 26 March 2021, Eurasia signed a binding agreement to create a joint venture with Rosgeo in which Eurasia will own a 75% equity stake in nine PGM and battery metals assets (four of which are post Russian Feasibility Study with state approved reserves) with a total of 104.6Moz of Platinum equivalent Russian Code reserves and resources in the immediate vicinity of the Company's Monchetundra Project in the Kola Peninsula.
As further announced on 15 June 2021, Monchegorskoe LLC was created to hold the licence for the Nyud open pit PGM and battery metals deposit ("Nyud"). Eurasia's 100% YGK has signed a notarised agreement with Rosgeo Group company pursuant to which YGK will become a 75% shareholder in Monchegorskoe LLC after the licence for Nyud is transferred from Rosgeo to Monchegorskoe LLC. Eurasia, through YGK, will also have a right to acquire Rosego's 25% shareholding in Monchegorskoe LLC upon the completion of a JORC Code compliant competent persons report on Nyud.
Christian Schaffalitzky, Executive Chairman of Eurasia commented: "The Directors are delighted that a highly experienced professional is joining Eurasia, as we are committed to the concurrent progress of both our operations and our strategy as announced on 12 May 2021".
James Nieuwenhuys, CEO and Managing Director of Eurasia commented: "The Board members are confident that Konstantin's experience, as the head of Achinsk open pit mining operations and as Managing Director of Rosgeo, augmented with my extensive EPC experience to manage turn key construction and commissioning will be important at Rosgeo JV projects going forward, while the West Kytlim expansion is already in good hands of our in-house team on the sites".
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
Christian Schaffalitzky/ Keith Byrne
+44 (0)207 932 0418
SP Angel Corporate Finance LLP (Nomad and Joint Broker)
Ewan Leggat / David Hignell / Adam Cowl
+44 (0)20 3470 0470
Optiva Securities (Joint Broker)
Christian Dennis
Tel: +44 (0) 20 3137 1902
About Eurasia Mining Plc
Eurasia Mining plc is a palladium, platinum, rhodium, iridium and gold producing company, operating the established West Kytlim Mine in the Urals, and also 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.