25th Feb 2022 11:25
(Alliance News) - Eurasia Mining PLC shares soared on Friday after the miner said that the sanctions imposed on Russia due to its invasion of Ukraine would not impact its operations or keep it from executing its strategy.
Shares shot up 29% at 11.07 pence each on Friday in London.
The Russia-focused mining and mineral exploration company said it reviewed the UK, EU and US sanctions on Russia as of Friday morning.
Eurasia stated that there is no negative impact on its operations or activities.
It continued by saying that "no individual or entity identified in the sanctions is associated with the company."
Eurasia highlighted that it has no bank accounts or relationships with any Russian state-owned banks.
It also noted that production from its mines is sold in its domestic market at London Metal Exchange prices fixed in US dollars, while the costs are mainly fixed in rubles. Therefore, a weaker ruble is even positive for its bottom line.
By Abby Amoakuh; [email protected]
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