Last checked at 11 Aug 2021 12:17
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, INCORPRATED INTO UK LAW BY THE EUROPAN UNION (WITHDRAWAL) ACT 2018, AND IS IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 7 OF THAT REGULATION.
11 August 2021
Eurasia Mining Plc
Three plants launched at West Kytlim
Eurasia Mining Plc ("Eurasia" or the "Company"), the palladium, platinum, rhodium, iridium and gold producing company, is pleased to announce that three plants have now been successfully commissioned at West Kytlim.
Three Plants Launched
To increase production and remove single asset risk at West Kytlim three plants have successfully been commissioned as planned and initially announced via RNS on 12 May 2021:
· the first plant is located on the border of Klyuchiki area and Bolshaya Sosnovka area to process the material mined from both these areas,
· the second and the third plants are located on the border of Malaya Sosnovka and Bolshaya Sosnovka areas to process material mined from Bolshaya Sosnovka.
Electricity Powerline Progress
The electricity powerline project is progressing on schedule as announced on 12 May 2021 and our team at West Kytlim are comparing several options to acquire an electric dragline to significantly increase our mining capacity and to replace diesel with grid electricity for our processing and ancillary activities. This is part of the undertakings we have made to further improve our ESG commitment (for more information on the ESG at West Kytlim please refer to the RNS of 15 March 2021). Additional benefits of the electricity grid connection and the use of an electric dragline are substantial cost reductions in both mining and processing costs.
Christian Schaffalitzky, Executive Chairman of Eurasia commented: "The Board and our Team are enthusiastic about developing the business concurrently with making progress on the strategic options that we have on the table".
James Nieuwenhuys, CEO and Managing Director of Eurasia commented: "The Directors are pleased that we are consistently delivering on our promises in terms of our expansion plans, cost reduction and last, but not the least sustainability. The electricity grid connection will further improve our ESG credentials and together with the three plants successfully launched will cement our position as a low-cost producer".
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.