Business
Final Approval Received for Monchetundra Mine
Final Approval Received for Monchetundra Mine.
About this update from Eurasia Mining Plc
[{"type":"text","content":"\n \nRNS Number : 9521H Eurasia Mining PLC 20 November 2018 \n\n \n \n \nEurasia Mining plc (AIM: EUA)\n(\"Eurasia\" or the \"Company\")\nFinal Approval Received for Monchetundra Mine\n \nEurasia Mining plc (AIM: EUA), the PGM and gold producing company, is delighted to announce that the office of the Prime Minister of the Russian Federation has approved the issue of a mining permit at the Monchetundra PGM and base metals project.\nThe Monchetundra project comprises 1.9 million ounces of palladium-led reserves and resources with platinum, gold, copper and nickel with a gross in-situ value of $2.11 billion, as detailed in the RNS announcements dated 21 May 2017 and 02 February 2018. A contract for engineering, procurement and construction and financing is in place with Sinosteel for the development of the mine. This announcement, made public through official government channels earlier today, 20 November 2018, concludes the extensive permit application process. The formal procedure involves the issue of the licence together with details of the advance royalty payment, to follow shortly.\nSpeaking after the announcement, Christian Schaffalitzky, Chairman said: \" we are very happy that our work on obtaining this licence, which began more than ten years ago, has finally been completed. We are also pleased that the Company is debt-free as it prepares to develop Monchetundra. A more detailed announcement will follow in due course with the details of the licence and an update on the project.\"\n \n\n\n\n\nEurasia Mining PLC\nChristian Schaffalitzky / Keith Byrne\n \n\n\nTel: +44 (0)207 932 0418\n \n\n\n\n\nWH Ireland Limited (Nominated Adviser & Broker)\nKaty Mitchell / James Sinclair-Ford\n \n\n\nTel: +44 (0)161 832 2174\n \n\n\n\n\nFirst Equity Limited (Joint Broker) \n\n\nTel: +44 (0)20 7374 2212\n\n\n\n\nJason Robertson\n\n\n \n\n\n\n\n \nOptiva Securities (Joint Broker) Tel: +44 (0) 20 3137 1902\nChristian Dennis &...