Business
Annual Report and Accounts
Annual Report and Accounts.
About this update from Eurasia Mining Plc
[{"type":"text","content":"\n \nRNS Number : 0250Z Eurasia Mining PLC 15 May 2019 \n\n \n \nDissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR).\n \n \n \n \nEurasia Mining plc (AIM: EUA)\n(\"Eurasia\" or the \"Company\")\nAnnual report and accounts\n31 December 2018 and notice of AGM\n \n \n \nChairman's statement\n \n \nLast year was a key year for the Company's development: Eurasia recorded a maiden gross profit and obtained a mining licence on its flagship Monchetundra Project. At the time of writing production is ramping up for the year to full scale at West Kytlim and the Directors now regard Eurasia as an established mining Company.\n \nThe Company's strategy, as outlined since 2015/16 was to develop the West Kytlim Mine to production, and to generate sufficient revenues to allow the Company to pursue development of its further interests, while minimising possible dilution of the shareholder base.\n \nAs a standalone unit the mine at West Kytlim demonstrated excellent profit margins during 2018 and contributed to the gross profit at group level. The economics of this style of operation - with limited overheads and capital expenditure are assured, however expanding the mine at West Kytlim to multiple operating sites is now a key objective for the Company. The Directors' look forward to continued successful production at West Kytlim and believe the Company can grow its West Kytlim operation to become the largest alluvial platinum mine globally. The Directors' believe West Kytlim mine cash flows, from a single operating and contracted washplant, notwithstanding considerable final settlements of loans through 2018 (which made the Company debt free) are now sufficient to make significant contributions to the running of the Company at Group level.\n \nThe issue of the mining license at the Company's flagship Monchetundra Project in December 2018 was a further welcome addition to an already successful year. The reserves comprise palladium plus platinum, gold and base metals. The Company's plans for the project's development with Eurasia's working partners at Sinosteel (one of the largest corporations in China) and the Central Kola Expedition, the key contractor in the region for both Russian and international c...