21st Jan 2021 12:13
(Alliance News) - Shares in Eurasia Mining PLC rose on Thursday as it announced the approval of the West Kytlim mine definitive feasibility study by a formal meeting of the Russian State Committee.
Shares in the platinum and gold miner were up 9.5% at 31.74 pence on Thursday in London.
The formal approval is a step change for the development of the Russian mine, eliminating the single-asset risk by allowing production at several open pits, Eurasia Mining said. This will lead to increased production volumes when compared to a sequential mining approach, it said.
In addition, the approval of the study allows for year-round stripping, earth moving and stockpiling in advance of the ore processing.
Stripping and earthmoving activities are ongoing and remain unaffected by Covid-19, due to the mechanised open-pit nature of the operations.
"The directors are pleased with the DFS approval, aimed at production increases, and confirming West Kytlim's position as the world's largest operation of this type. After significant capital investment at West Kytlim into the production scale up and into the rehabilitation, the cash position of Eurasia is robust with over USD7 million, while the company is pursuing its strategy as previously reported," said Executive Chair Christian Schaffalitzky.
By Dayo Laniyan; [email protected]
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