Eurasia Mining receives discovery certificate at Monchetundra project

Ikaba Koyi Sharecast | 17 Jul, 2017 14:50 | | |

cbmineraldehierro
  • 0.52
  • 0.00%0.00
  • Max: 0.52
  • Min: 0.52
  • Volume: 44,373
  • MM 200 : n/a
17:19 24/07/17
  • 15,559.10
  • -0.75%-117.57
  • Max: 15,734.09
  • Min: 15,424.76
  • Volume: 0
  • MM 200 : n/a
17:21 24/07/17
  • 969.57
  • -0.01%-0.13
  • Max: 971.58
  • Min: 968.40
  • Volume: 0
  • MM 200 : n/a
17:30 24/07/17

Eurasia Mining was granted a discovery certificate for its Monchetundra project sooner than expected with application for a mining license expected to follow in the near future.

Terskaya Mining Company, Eurasia's local subsidiary, had applied for the certificate just last 15 June.

Monchetundra had 1.9m ounces of palladium equivalent global reserves and resources with a total in-situ metal value, before metal recoveries and all costs, of $1.7bn at current prices.

However, the board warned that did not imply Eurasia would achieve that figure.

The state-approved reserves and resources comprised Russian standard C1 and C2 categories of 55.9 tonnes palladium equivalent at two open pits which also contained significant gold and base metal credits, including 2.0 tonnes of gold, 28,124 tonnes of copper and 30,410 tonnes of nickel.

Eurasia had also made progress in talks with refineries in the region regarding concentrates of the likes produced from Monchetundra, the company said in a statement.

AIM-listed Eurasia said its intention was to progress the development of Monchetundra by adhering to a similar model as at its West Kytlim mine, contracting an operator and selling the operating costs in return for a share of the sales.

Production had already commenced from two production units at this mine.

Managing Director Christian Schaffalitzky congratulated his team for the results of their efforts.

"Once again, a heart-felt thank you to our team in Russia for advancing the project through to this stage. The rate of progress at Monchetundra, from submission of our Feasibility Study, through Reserves Approval to issue of a Discovery Certificate, has been impressive by any international standard. We look forward to progressing our Mining Licence application as we move towards development of this major asset."

More news

24 Jul US close: Markets finish mixed, Alphabet beats earnings forecast

US stocks finished mixed on Monday as investors awaited corporate news from the likes of Alphabet ahead of what promises to be a busy week on the earnings front.

24 Jul FX round-up: Slow news day pushes dollar index higher, euro moves fail to excite

News of any major impact was a bit thin on the ground on Monday, leading to subdued moves on the FX market.

24 Jul Commodities: Oil gains as caps to production agreed by JMMC

After suffering heavy losses at the end of last week, oil received a push higher on Monday on the back of talks in Russia between OPEC and non-OPEC countries regarding global output and price stability.

24 Jul UK to invest £246m in research and development into energy storage

On Monday, redT energy reported a £246m investment from the Department of Business, Energy and Industrial Strategy (BEIS) to aid in energy storage in the UK.

24 Jul FTSE 250 movers: Miners Acacia and Petra dig midcaps deeper

The FTSE 250 fell on Monday, though not as much as its larger sibling, with two miners leading the retreat.

24 Jul London close: FTSE ends in the red as airlines hit by Ryanair Brexit warning

London stocks ended in the red on Monday, with airlines under the cosh as Ryanair warned over the potential fallout from Brexit.

24 Jul Europe close: Stocks end mostly lower as autos skid

European stocks ended mostly lower on Monday, with autos under the cosh as investors digested the latest data on the eurozone manufacturing and services sectors.

24 Jul Tuesday preview: Provident Financial in focus, though Victrex could surprise

Tuesday will see the number of companies reporting step up before the throttle is turned right up later in the week, with Croda International, Informa and Segro joined by sub-prime lender Provident Financial following its recent profit warning.

24 Jul Acacia Mining hit with USD190bn tax bill from Tanzanian government

Acacia Mining has been sent a tax bill from the Tanzanian authorities totalling around $190bn for unpaid tax and penalties from its Bulyanhulu and Buzwagi mines in the country, which the London-listed company disputes.

24 Jul Tesco to launch same day grocery delivery service across UK

Tesco announced on Monday that it will be launching its same day online grocery delivery service across the entire UK from next month.