Eurasia Mining eyeing first revenues from West Kytlim mine
Contractor SKRS is providing all the infrastructure and supplies for mining, as well as stumping up the operating costs, in exchange for a 70% return of the gross revenue
Eurasia Mining plc should see first revenues this month after mining begun at its West Kytlim platinum project in Russia, it told investors in its half year results.
As reported last Friday, the Ekaterinburg refinery had accepted the first batch of platinum concentrate, which will be refined and then purchased as per previously agreed terms.
And the West Kytlim operation will be boosted by the significant improvement in platinum and gold prices, said Eurasia, while prices are thought to go higher still by analysts.
Contractor SKRS is providing all the infrastructure and supplies for mining, as well as stumping up the operating costs, in exchange for a 70% return of the gross revenue.
Eurasia reckons this royalty structure was a good move, allowing it to spare further shareholder dilution or loans, allowing it to earn 30% of top line sales with no risk.
At the group’s other projects, at Monchetundra on the Kola peninsula, it is working towards a discovery certificate and later a mining licence and there have been initial positive drilling results from one of the open pit resources at West Nittis.
The firm hopes to find a partner or buyer to advance it to production
In August, it reported a major milestone for its Semenovsky Tailings Project in Russia – namely a maiden reserve, with the entire tailings dam approved at Russian C2 standard to total 2.99mln tonnes of ore grading 1.18 g/t gold and 16.44 g/t silver.
For the six months to end June, the pre-revenue firm posted a profit of £855,000 and the cash at end of period was £183,591.
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