Euroasia Mining plans Russia platinum production kick off in 2016
Eurasia Mining PLC announced beginning of production of platinum from the West Kytlim project in Russia this year.
Eurasia shares were up 13% to 0.580 pence per share on Wednesday morning.
The company has secured all necessary approvals and received a production licence for the project in the latter half of 2015, and the company said preparatory work has progressed with production still on track to begin in 2016.
The company was not more specific when production from the project would start this year.
“Notwithstanding the pressures evident in the mineral exploration and development sector, we consider that the West Kytlim project is a low capital cost and high margin Platinum production opportunity,” said Eurasia.
The project will produce alluvial platinum, which will be gathered from river sands, washed and sent as a bagged black sand to a local refinery for Platinum smelting. Eurasia said this will enable the project to generate revenue as soon as production begins, which will “dramatically transform Eurasia Mining operationally and financially.”
“Shareholders should expect a series of further updates in the coming weeks and months as we put into action the plan to bring the company into production,” said Managing Director Christian Schaffalitzky, writes lse.co.uk
- Serbia Lece gold mine in the hands of a phantom company from Dubai
- Glencore starts drilling again at Pallas Green
- How valuable is Kosovo’s mineral wealth?
- Romania Baia Mare Cyanide Spill by Esmeralda Exploration Australia
- Dundee reports record gold production in second quarter in Bulgaria
- Sweden: Talga has started trial mining at its Vittangi graphite project
- Armenia’s environmental crimes committed in Azerbaijani lands are said to cause $285 billion in damages
- Miedzi Copper Corporation discovers deposits of silver and copper in Poland
- Dundee issues Bulgaria Chelopech gold mine technical-mineral resource update report
- Gold mines and projects in Greece – One of the main factors behind the stock price decline for Eldorado Gold