Eurasia Mining Granted Mining Permit at West Kytlim Alluvial Platinum Mine, Russia
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Eurasia Mining PLC has moved closer production at its alluvial platinum mining assets at West Kytlim in Russia with the receipt of all mining permits.
RostekhNadzor (the Federal Service for Ecological, Technological and Nuclear Supervision) has approved the Technical Design Report and the mine plan.
A “mining allotment” certificate has also been issued permitting work at Eurasia’s first area of development at Malaya Sosnovka, it said.
With this formality all the approvals for mining have been obtained.
Christian Schaffalitzky, Eurasia’s managing director, said: “We are very pleased with the steady progress to production in our West Kytlim project.
“Mining is still targeted to commence this summer with our preparatory work still on schedule.”
Broker SP Angel noted: “It will be interesting to see if the company is finally able to move into production though it is ironic that platinum is close to its lowest gold / platinum ratio seen through the history of the company.
“Platinum prices look good in Rouble terms although Russian operating costs have a tendency to catch up with US dollar based costs in time.”
Source: (April 18, 2016) Proactive Resources
About Eurasia Mining
Eurasia is developing alluvial and bedrock platinum group metals (PGM) projects in Russia and the FSU. Of Eurasia’s two projects West Kytlim is key – Eurasia’s mining license application has been approved by Prime Minister Dmitry Medvedev and is awaiting a final sign off by the Russian federal agency for subsoil use. Mine planning is advanced at West Kytlim for production in 2016. Eurasia will redefine its business structure on the advent of platinum production, to include a development and production division alongside its exploration division. Eurasia’s 2015 drilling program is underway at Monchetundra: a hardrock open-pittable PGM target on the Kola Peninsula. Eurasia continues to see increasing value in Russian gold projects and is working with business partners on near production and exploration opportunities.
To stop by Eurasia’s website, CLICK HERE
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