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Monchetundra Update Sinosteel EPC H1 2019
Monchetundra Update Sinosteel EPC H1 2019.
About this update from Eurasia Mining Plc
[{"type":"text","content":"\n \nRNS Number : 8364I Eurasia Mining PLC 13 August 2019 \n\nEurasia Mining plc (AIM:EUA)\n (\"Eurasia\" or the \"Company\")\nMonchetundra Update Sinosteel EPC H1 2019\n \nEurasia Mining PLC, the palladium, platinum, rhodium and gold producing company, is pleased to provide an update on developments at the Monchetundra Project in the first half of 2019. Eurasia is developing its Monchetundra Project towards production following the issue of a mining permit for the circa 2Moz (2PGE + Gold) palladium dominated deposit (as announced on 20 November 2018). \nA Engineering, Procurement and Construction (EPC) contract, with an associated mine finance package has been signed with Chinese company Sinosteel. Eurasia and its contractors are making progress on the production preparation activities stipulated by the EPC as TGK's (Eurasia's 80% subsidiary) responsibilities to initiate the payments from Sinosteel to TGK under the subcontracted works for the total amount of $50m, $26.5m of which will be paid by TGK to Sinosteel, as TGK's contribution equity contribution to the EPC (the remaining $149.5m is a 10 year loan facility at 6mLIBOR + 3.5%).\n \nHighlights:\n· Flanks area application finalised and approved by Eurasia's board for submission to Rosnedra. Eurasia's TGK as the production license holder has exclusive rights for the flanks that are expected to increase the resources severalfold\n· The Detailed Project Design Report (including open pit design, detailed land survey of the two open pit sites, etc.), the preparation of which was contracted to Central Kola Expedition (CKE) is now ready \n· Agreement signed with Intec International Projects Pty Ltd to look at process improvements to further enhance the profitability of the project\n· Eurasia and its contractors are making good progress on the production preparation activities stipulated by the EPC with Sinosteel as TGK's (Eurasia's 80% subsidiary) responsibilities to initiate the payments from Sinosteel to TGK\n \n \nChristian Schaffalitzky, Chairman at Eurasia, added: \"Our team and our contractors at CKE continue to progress our plans for the development of this palladium dominated open pit mine. It is our intention to significant...