Eurasia Mining capitalises on Sino-Russian relations

Russia’s Eurasia Mining, has provided updates on its three projects, all with the common aim of gaining from Chinese custom.

“Chinese firms are increasingly active in the Russian market in rare earths, PGM, base metals and precious metals. It was our intention to capitalise on this evolving relationship and to offset some of the development risk to a suitably qualified and experienced engineering firm with considerable banking and political reach,” said managing Director Christian Schaffalitzky.

The group’s West Kytlim platinum and gold project is now in production with first shipments of concentrate beginning in early September.

The Monchetundra Project is in late stage development and has been bolstered by an Engineering, Procurement, Construction and Commission (EPC) contact with Sinosteel Equipment and Engineering co Ltd.

The miner has aimed to replicate the structure at West Kytlim at the Monchetundra project with an additional contract to cover the considerable capital outlay. According to management this will provide “a route to project development which minimises exposure for Eurasia, further shareholder dilution, and allows the project to be developed despite a continuing resource sector downturn.”

The Semenovsky Gold in Tailings project remains under review as metallurgical test work for cyanide gold recovery near completion.

The company’s next endeavour is to outsource the running of the mine to an international company in order to ensure the plant is build in line with best international practice.

The share price went up 2.07% to 0.74p at 1012 GMT on Thursday.