Mining has already begun at the Malaya Sosnovka deposit, the firm said
Eurasia Mining plc told investors that first production at its West Kytlim alluvial platinum project in Russia is planned for next week.
Mining has already begun at the Malaya Sosnovka deposit, the firm said, with two blocks cleared of vegetation and a third block to be cleared by today.
For processing the concentrates the on-site laboratory is ready, with all the main equipment in place, including a concentrating table, it added.
Two wash plants will be used, with the smaller wash plant ready to process metal bearing gravels.
The main plant is installed but not yet operational, which is expected in the first week of September.
This has been delayed by the late delivery of parts by ten days but the projected production for 2016 is still expected to be met.
In July, the firm agreed a refining contract for the project.
Ekaterinburg Non-ferrous Metals Processing Plant part of the Renova Group, will both process black sand concentrates from West Kytlim and buy the bullion produced.
Eurasia will be required to deliver concentrates at greater than 60% platinum to be delivered in batches of not less than 500g.
Platinum refining will cost of 2.75%, payable by Eurasia, while gold refining costs will be 5.5%. Other metals such as iridium, palladium and rhodium will be recovered but are not expected to materially affect project economics.
The refinery at Ekaterinburg was commissioned in 1916 and is the oldest producer of pure platinum metal in Russia selling products to around 1,200 customers in Russia and abroad.
source: proactiveinvestors.co.uk