15.6 C
Supported byspot_img

Eurasia Mining PLC re-draws mining agreement in Russia platinum mine

Member of Europium Groupspot_img
Supported byspot_img

Eurasia Mining plc has renegotiated the terms of its mining agreement for the West Kytlim alluvial platinum mine in Russia.

In return for a transfer of the mining rights Russian firm SKRS has agreed to new production targets under a 17 year schedule.

Next year will see a second washplant come on stream and within five years the aim is to have four running to meet the production targets set down in the new agreement.

Supported by

In addition, SKRS will put up US$1mln through an interest free loan for exploration though the 70:30 revenue split between SKRS and Eurasia’s local subsidiary KK remains unchanged.

Production in 2017 is forecast at 100kg of platinum of which Eurasia’s share is 30%.

Christian Schaffalitzky, Eurasia’s managing director, said: “It was imperative from a KK point of view to ensure the contractor deploys the necessary capital to allow the project to expand, at no cost to our shareholders, in the second year of production.

“A further positive result from this new arrangement is that the contractor has committed to support exploration expenditure by means of a loan to KK, and this without a review of the revenue split. This work is essential to ensure sufficient supply of ore to the washplants.”

Trial mining in 2016 produced 364oz of platinum, but notable was the fact that grades were 20% higher than the amount shown in the reserves for West Kytlim.

source: proactiveinvestors.co.uk

Supported byElevatePR Digital

Related News

EU-Canada alliance in Critical Raw Materials, innovation, and sustainability at PDAC 2024

The EU delegation will be led by the top EU official Mrs Kerstin Jorna, the European Commission's Director General for Internal Market, Industry, Entrepreneurship and...

Tara Resources disputes a governmental ruling in Montenegro, putting forth arguments supported by evidence

The arguments proposed by the working group for terminating the concession agreement that the state has with the company Brskovo Mine are factually inaccurate, do not...

Teako Minerals announces strategic pivot with Norway as key focus

TEAKO MINERALS CORP. (the "Company" or "Teako") announces that following a recent Norwegian parliament meeting and the various developments in mineral exploration in Fennoscandia...

Raiden Resources advances exploration projects in Pilbara, Australia, and Bulgaria

Raiden Resources Limited has made significant strides in its exploration projects, both in Pilbara, Australia, and Bulgaria, heralding a potentially fruitful future in mineral...
Supported by
Supported by
Supported by
error: Content is protected !!