IN BRIEF: Eurasia Mining says working to complete West Kytlim sale
Eurasia Mining PLC - London-based palladium, platinum, rhodium, iridium and gold miner - Says it is working to complete the West Kytlim sale and the Monchetundra detailed design completion as soon as practicable. In December, the firm said it has agreed to sell its West Kytlim mining operations in the Urals to a Russian company for $9 million, saying the decision reduces the risk the mine will be nationalised by Russia without compensation in response to the freeze of Russian assets in Europe. Eurasia said it will sell the West Kytlim assets to LLC KS Logistics, ‘a non-sanctioned infrastructure company in Russia working in transportation, infra-structure development, retail sales and information technology development and management.’ On Monday, Eurasia Mining says it ‘continues to expect that both developments will proceed as announced, and will update as soon as available’. At NKT, the company says work continues to advance a feasibility study to support the application for a mining licence and to plan for the integration of this with the Monchetundra mine plan.
Executive Chair Christian Schaffalitzky says: ‘The company is satisfied with the progression of both the West Kytlim sale, the Monchetundra design completion project and ongoing work at NKT as of today. We are working with the necessary personnel to ensure the company continues on this path, and we are looking forward to communicating with the market about the next steps for Eurasia Mining.’
Current stock price: 3.00 pence
12-month change: down 35%
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