Business
Platinum refining and sales agreements
Platinum refining and sales agreements.
About this update from Eurasia Mining Plc
[{"type":"text","content":"\n \nRNS Number : 4483F Eurasia Mining PLC 28 July 2016 \n\n \nEurasia Mining plc (AIM: EUA)\n \n(\"Eurasia\" or the \"Company\")\n \nPlatinum refining and sales agreements with Ekaterinburg non-ferrous metals processing plant\n \nEurasia Mining plc, the PGM and gold mining company, is pleased to provide an update with regard to the chosen provider of metal refining services for product from the West Kytlim Mine. Agreement has been reached with the Ekaterinburg Non-ferrous Metals Processing Plant (\"EZOCM\"), part of the Renova Group of companies, for processing of black sand concentrates containing a suite of precious metals from the West Kytlim Mine and a separate contract has been agreed to cover sale of the resulting metal bullion to EZOCM. EZOCM have been operating for 100 years and offer a full range of processing services and end products. Details of the agreements are presented below.\nHighlights:\n- EZOCM has been selected as the stand out candidate with necessary equipment and personnel to refine metals from black sand concentrates.\n- Concentrates at greater than 60% platinum to be delivered in batches of not less than 500g.\n- Platinum refining at a cost of 2.75%, payable by Eurasia, Gold refining costs agreed at 5.5% \n- Other metals in the PGM suite, i.e. Iridium, Palladium and Rhodium will be recovered but are not expected to materially affect project economics.\n- Concentrates are assayed and certified by mutual agreement within 30 days of receipt.\n- Refined metals are also to be sold to EZOCM with settlement within 5 days.\n \nFurther detail\n \nThe precious metals refinery at Ekaterinburg was commissioned on 23rd October 1916 and is the oldest producer of pure platinum metal in Russia selling products to circa 1,200 customers in Russia and abroad. Their products and service are internationally recognised as being of the highest quality and are included on the London Platinum and Palladium Market (LPPM) Good Delivery List of refiners and assayers. The main products of EZOCM are precious metal bullions, precious metal anode elements, chemical compounds, catalyst gauzes, crucibles for industrial uses,...