6th Oct 2015 07:58
LONDON (Alliance News) - Russia-focused platinum miner Eurasia Mining PLC on Tuesday said it has formally been awarded the mining licence for the West Kytlim prospect.
Eurasia said the formal award of the licence was completed on Monday in Moscow. The company now has all the necessary licence documentation to confirm its right to start alluvial platinum mining at the project, with first mining and first revenue planned for next year.
"Formal award and receipt of the Mining Licence is a monumental step forward for Eurasia Mining and its shareholders," said Managing Director Christian Schaffalitzky.
"In line with our stated objectives, production of alluvial platinum from West Kytlim will provide incoming cashflow from the sale of platinum concentrate. This cashflow is an important step to Eurasia Mining becoming a self-sufficient and self-financed mineral exploration, development and production company," he added.
Shares in Eurasia were up 0.4% at 0.652 pence Tuesday morning, having jumped 9% to 0.71p at the open.
By Sam Unsted; [email protected]; @SamUAtAlliance
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