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Eurasia sees progress on projects and off-take talks

By BFN News | 07:38 AM | Monday 04 September, 2017


Eurasia Mining has made progress towards submission of the production licence 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. It said all necessary contracts covering mine design, blasting, mine surveying, ecological monitoring and land rehabilitation had now been assigned to third parties. It aid assigning these contracts was a necessary step towards a successful mining licence application. It said the application for a mining licence was expected to be officially lodged, on schedule, this month. It also said that off-take agreement negotiations were progressing with Glencore, Sinosteel (China's state owned EPC contractor and a major mining investor and commodities importer into China) and other major players that could not be disclosed at this stage, for the entirety of the life of mine output. It hoped an agreement would be reached with one of these parties in the near future and this agreement would integrate with Eurasia's already agreed, and signed, engineering, procurement, construction and financing contract with Sinosteel which included financing of $150 million as a 10 year facility at 6m LIBOR plus 3.5%. The group also said mining at West Kytlim, its operating platinum, gold, iridium and rhodium mine in the Ural Mountains was progressing. It said: "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 production in 2018." Story provided by StockMarketWire.com

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