By Samuel Indyk
Investing.com – Eurasia Mining has today provided an update on its previously announced joint venture with Rosgeo. In March, the AIM-listed metals producer signed an agreement with Rosgeo whereby Eurasia owns a 75% equity stake in the platinum group and battery metals assets.
Eurasia Mining (LON:EUA) has announced the formation of the first joint venture company, Monchegorskoe LLC, to hold the licence for the Nyud open pit platinum group and battery metals deposit.
Eurasia’s subsidiary, Yuksporskaya Mining Company, has now agreed with Rosgeo to become a 75% shareholder in Monchegorskoe after the licence is transferred from Rosgeo to Monchegorskoe.
“The Directors are committed to maximising the value for all shareholders, and thus committed to advance the Rosgeo JV concurrently with the progress we are making on our strategy as announced on 12 May,” Eurasia Executive Chairman Christian Schaffalitzky said in a statement to the London Stock Exchange.
The joint venture projects have a total of 104.6mln oz platinum equivalent Russian Code reserves and resources in the immediate vicinity of the Monchetundra Project in the Kola Peninsula.
“We are using the momentum of hydrogen and EV markets growing fast on the one hand and the traditional PGM regions struggling with various challenges including underground mine floods and limited electricity supply on the other hand,” Eurasia CEO James Nieuwenhuys said.
“This year of 2021 is unprecedented for Eurasia in terms of the Rosgeo JV completion, West Kytlim production ramp up and the cash balance the Company has at hand, all contributing to Eurasia's strong position to execute on its strategy.”
At 09:15BST shares in Eurasia Mining were trading lower by 2.6% at 22.40 pence per share.