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Eurasia Minerals losses narrow as it ramps up production in Russia

By BFN News | 03:04 PM | Friday 28 September, 2018


Eurasia Minerals booked a narrower first-half loss as it ramped up production at its gold and platinum assets in Russia. Pre-tax losses for the six months through June narrowed to £972k from an on-year loss of £2.1m. Revenue more than doubled to £448k but was more than offset by administrative and finance costs. 'The first six months of 2018 have been very busy for the company, with the full commissioning of the first washplant at the mine at West Kytlim and attaining the final stage of the mining licence application at Monchetundra,' chairman Christian Schaffalitzky said. 'In March 2018 a new contractor, Techstroy, was appointed and immediately started site preparation work.' 'Actual mining of stockpiled ore at Malaya Sosnovka open pit commenced in April 2018 and the first platinum was produced in early May 2018.' 'Production up to the end of the reporting period of end June 2018 was well ahead of management expectations with 76kg produced of our target for the first half of 2018 of 50kg.' 'As already announced, production proceeded to Kluchiki open pit in August 2018 and at the time of writing, in late September, we have achieved circa 150% of our internal production targets for the entire 2018, with two months still remaining in the season.' 'We believe this represents a major outperformance of our initial production targets. We recognise Techstroy's efficient operation that has served us well to date, and look to our continued partnership through 2019 and beyond.' At 3:04pm: (LON:EUA) Eurasia Mining PLC share price was +0.01p at 0.44p Story provided by StockMarketWire.com

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