Business
Project Update
Project Update.
About this update from Eurasia Mining Plc
[{"type":"text","content":"\n \nRNS Number : 6505P Eurasia Mining PLC 04 September 2017 \n\nEurasia Mining plc (AIM: EUA)\n(\"Eurasia\" or the \"Company\") \nProjects update and Monchetundra off-take agreement negotiations \nEurasia, the platinum, palladium, iridium, rhodium and gold production and development company, is pleased to report progress towards submission of the production license application for its Monchetundra Project, following the issue of the discovery certificate for the project's 1.9 million ounce palladium equivalent (platinum and palladium) Reserves and Resources, announced on 17 July 2017.\nHighlights:\nMonchetundra Project\n- All necessary contracts covering mine design, blasting, mine surveying, ecological monitoring and land rehabilitation have now been assigned to third parties. Assigning these contracts is a necessary step towards a successful mining license application.\n- The application for a mining license is expected to be officially lodged, on schedule, in September.\n- Off-take agreement negotiations are progressing with Glencore (the third largest international commodity trader and resource project investor), Sinosteel (China's state owned EPC contractor and a major mining investor and commodities importer into China) and other major players that cannot be disclosed at this stage, for the entirety of the life of mine output. It is hoped an agreement will be reached with one of these parties in the near future and this agreement will integrate with Eurasia's already agreed, and signed, Engineering, Procurement, Construction and Financing (\"EPCF\") contract with Sinosteel which includes financing of $150 million as a 10 year facility at 6m LIBOR plus 3.5 per cent.\nWest Kytlim\n- Mining at West Kytlim, Eurasia's operating platinum, gold, iridium and rhodium mine in the Ural Mountains is progressing. \n- An increase in reserves was calculated over the mining area at Malaya Sosnovka owing to higher than expected mining grades and ore body extensions discovered in the 2016 mining season. These reserves increases have been approved and are being developed as part of the 2017 mining season.. Separately a mining allotment and quota has been agreed over the Kluchiki Area for the next season of produ...