13.8 C
Supported byspot_img

Eurasia Mining Progressing Development Of Russia’s Monchetundra

Member of Europium Groupspot_img
Supported byspot_img


Eurasia Mining PLC said good progress is being made at the Monchetundra mine, including the recent award of a construction contract.

Chinese firm Sinosteel has been awarded the engineering, procurement, and construction deal, with Eurasia currently working to get the project into production after the granting of a mining licence.

Supported by

Sinosteel is to provide project financing to Eurasia, in the form of a USD149.5 million 10-year loan facility at six-month LIBOR plus 3.5%.

Monchetundra, which contains two million ounces of platinum and palladium, is located some 130 kilometres from Murmansk, not far from Russia’s border with Finland.

“Our team and our contractors at Central Kola Expedition continue to progress our plans for the development of this palladium dominated open pit mine. It is our intention to significantly increase activity on site over the next six to 12 months to accomplish activities stipulated by the EPC with Sinosteel as TGK’s responsibilities to initiate the payments from Sinosteel to TGK,” said Chair Christian Schaffalitzky.

“We look forward to launching this mine walking in the steps and learning from our experience from the successful mine launch at West Kytlim.”

Shares were 2.4% lower on Tuesday at a price of 0.45 pence each.


Source: morningstar. co. uk

Supported byElevatePR Digital

Related News

OCSiAl expands SWCNT dispersion facility in Serbia to boost battery innovation

OCSiAl has completed construction of a state-of-the-art facility in Serbia dedicated to producing single wall carbon nanotube (SWCNT) dispersions. This facility, set to commence...

Europe’s position in the expanding battery market

The automotive industry is at a crossroads, necessitating transformation. Europe's focus on establishing expertise and capacity in battery cell production is crucial, supported by...

Ensuring responsible mineral supply chains in the renewable energy transition

The shift towards renewable energy is heavily reliant on minerals like copper, cobalt, bauxite and lithium for technologies such as batteries, electric vehicles, and...

Covas do Barroso: Local resistance against the push for lithium mining in Portugal

In the tranquil Portuguese village of Covas do Barroso, Nelson Gomes begins his day at dawn, tending to his cows and tending his vegetable...
Supported by
Supported by
Supported by
error: Content is protected !!