3rd Jul 2018 09:33
LONDON (Alliance News) - Gold producer Eurasia Mining PLC said Tuesday that the Russian Ministry of Economic Development has approved the Monchetundra mine permit application.
The mine permit application for the Monchetundra project, of which Eurasia owns 80%, is now awaiting sign off at the Ministry of Natural Resources, before progressing to the office of Russian Prime Minister Dmitry Medvedev for final approval, the company said.
The company expects the application process to be completed by late summer.
"Another key milestone, and again sooner than expected. The process is now entering its final stages, in fact the final stage of approval before the anticipated signing at the office of the Prime Minister," Chairman Christian Schaffalitzky said.
The mine contains state approved reserves and resources of about 2 million ounces of platinum group metals with an in-situ value of approximately USD2.00 billion.
Shares in the company were trading 3.3 lower at 0.44 pence each on Tuesday morning.
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