By Samuel Indyk
Investing.com – Eurasia Mining (LON:EUA) has today announced it has received an additional exploration licence at its West Kytlim project. The company had applied for the licence area in 2019. The West Kytlim project is in the Urals and produces palladium, platinum, rhodium, iridium and gold.
The licence, called the Flanks Licence, is adjacent to the company’s current mining licence and is largely intersecting with, as well as extending beyond, the initial exploration licence that Eurasia owned via its former joint venture with Anglo American Platinum. Therefore, the Flanks Licence area is largely known to the company from the previous exploration work undertaken with Anglo American (LON:AAL) Platinum.
“The Directors are delighted that we continue expanding our presence in the Urals beyond our current mining license area and Typil exploration license area, including to the areas known to us through the work done within our former 15-year joint venture with Anglo American Platinum Ltd (JO:AMSJ),” said Eurasia Mining Executive Chairman Christian Schaffalitzky. “Once again, we have demonstrated the capacity of our team to successfully obtain licenses and implement our strategy.”
The Flanks Licence is aimed at increasing the resource available and potentially extending the life of the mine at the company’s West Kytlim project, where two additional plants have been launched in 2021.
The AIM-listed company said the additional licence area will ensure long-term resource for further scale ups of production, including the electrically powered draglines aimed to further improve operational efficiency and ESG credentials.
At 08:58, Eurasia Mining shares were trading lower by 2.5% at 28.4 pence per share.