Last checked at 15 Jun 2021 07:00
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.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN EU REGULATION NO. 596/2014 AND IS IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 7 OF THAT REGULATION.
15 June 2021
Eurasia Mining Plc
Rosgeo JV Update
Eurasia Mining Plc ("Eurasia" or the "Company"), the palladium, platinum, rhodium, iridium and gold producing company, is pleased to announce an update on the Rosgeo JV.
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.
The Company is pleased to announce that the first joint venture company, Monchegorskoe LLC, was created to hold the licence for the Nyud open pit PGM and battery metals deposit ("Nyud"). Eurasia's 100% subsidiary Yuksporskaya Mining Company / Yuksporskaya Gornaya Kompaniya ("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. Euraisa, 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 committed to maximising the value for all shareholders, and thus committed to advance the Rosgeo JV concurrently with the progress we are making on our strategy as announced on 12 May".
James Nieuwenhuys, CEO and Managing Director of Eurasia commented: "We are enthusiastic to create a globally significant PGM and battery metals company with our partner Rosgeo, a large internationally diversified company. We are using the momentum of hydrogen and EV markets growing fast on the one hand and the traditional PGM regions struggling with various challenges including underground mine floods and limited electricity supply on the other hand. This year of 2021 is unprecedented for Eurasia in terms of the Rosgeo JV completion, West Kytlim production ramp up and the cash balance the Company has at hand, all contributing to Eurasia's strong position to execute on its strategy".
Christian Schaffalitzky, FIMMM, PGeo, CEng, is a director of the Company. He has reviewed the update and consents to the inclusion of the resource and reserves information in the form and context in which it appears here. He is a Competent Person for the purposes of the reporting of these results.
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.