Eurasia Mining PLC Rosgeo JV Update (8640B)
June 15 2021 - 1:00AM
UK Regulatory
TIDMEUA
RNS Number : 8640B
Eurasia Mining PLC
15 June 2021
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION
WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF SUCH JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN EU
REGULATION NO. 596/2014 AND IS IN ACCORDANCE WITH THE COMPANY'S
OBLIGATIONS UNDER ARTICLE 7 OF THAT REGULATION.
15 June 2021
Eurasia Mining Plc
Rosgeo JV Update
Eurasia Mining Plc ("Eurasia" or the "Company"), the palladium,
platinum, rhodium, iridium and gold producing company, is pleased
to announce an update on the Rosgeo JV.
As announced via RNS of 26 March 2021, Eurasia signed a binding
agreement to create a joint venture with Rosgeo in which Eurasia
will own a 75% equity stake in nine PGM and battery metals assets
(four of which are post Russian Feasibility Study with state
approved reserves) with a total of 104.6Moz of Platinum equivalent
Russian Code reserves and resources in the immediate vicinity of
the Company's Monchetundra Project in the Kola Peninsula.
The Company is pleased to announce that the first joint venture
company, Monchegorskoe LLC, was created to hold the licence for the
Nyud open pit PGM and battery metals deposit ("Nyud"). Eurasia's
100% subsidiary Yuksporskaya Mining Company / Yuksporskaya Gornaya
Kompaniya ("YGK") has signed a notarised agreement with Rosgeo
Group company pursuant to which YGK will become a 75% shareholder
in Monchegorskoe LLC after the licence for Nyud is transferred from
Rosgeo to Monchegorskoe LLC. Euraisa, through YGK, will also have a
right to acquire Rosego's 25% shareholding in Monchegorskoe LLC
upon the completion of a JORC Code compliant competent persons
report on Nyud.
Christian Schaffalitzky, Executive Chairman of Eurasia
commented: " The Directors are committed to maximising the value
for all shareholders, and thus committed to advance the Rosgeo JV
concurrently with the progress we are making on our strategy as
announced on 12 May".
James Nieuwenhuys, CEO and Managing Director of Eurasia
commented: "We are enthusiastic to create a globally significant
PGM and battery metals company with our partner Rosgeo, a large
internationally diversified company. We are using the momentum of
hydrogen and EV markets growing fast on the one hand and the
traditional PGM regions struggling with various challenges
including underground mine floods and limited electricity supply on
the other hand. This year of 2021 is unprecedented for Eurasia in
terms of the Rosgeo JV completion, West Kytlim production ramp up
and the cash balance the Company has at hand, all contributing to
Eurasia's strong position to execute on its strategy".
Christian Schaffalitzky, FIMMM, PGeo, CEng, is a director of the
Company. He has reviewed the update and consents to the inclusion
of the resource and reserves information in the form and context in
which it appears here. He is a Competent Person for the purposes of
the reporting of these results.
A copy of this announcement is also available on Eurasia's
website at:
https://www.eurasiamining.co.uk/investors/news-announcements.
For further information, please contact:
Eurasia Mining Plc
Christian Schaffalitzky/ Keith Byrne
+44 (0)207 932 0418
SP Angel Corporate Finance LLP (Nomad and Joint Broker)
Ewan Leggat / David Hignell / Adam Cowl
+44 (0)20 3470 0470
Optiva Securities (Joint Broker)
Christian Dennis
Tel: +44 (0) 20 3137 1902
About Eurasia Mining Plc
Eurasia Mining plc is a palladium, platinum, rhodium, iridium
and gold producing company, operating the established West Kytlim
Mine in the Urals, and also the operator of the Monchetundra
Project comprising two predominantly palladium open pit deposits
located 3km away from Severonickel, one of Norilsk Nickel's largest
base metals and PGM processing facilities, near the town of
Monchegorsk on the Kola Peninsula.
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