Eurasia Mining receives discovery certificate at Monchetundra project

Ikaba Koyi WebFG News | 17 Jul, 2017 14:50 | | |

cbmineraldehierro
  • 0.28
  • 0.00%0.00
  • Max: 0.28
  • Min: 0.27
  • Volume: 1,087,948
  • MM 200 : n/a
17:17 22/11/17
  • 17,418.68
  • 0.93%159.99
  • Max: 17,496.08
  • Min: 17,256.79
  • Volume: 0
  • MM 200 : n/a
17:20 22/11/17
  • 1,029.23
  • 0.43%4.36
  • Max: 1,029.38
  • Min: 1,024.46
  • Volume: 0
  • MM 200 : n/a
17:30 22/11/17

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

19:37 Lebanon prime minister Hariri retracts resignation

Saad al-Hariri has revoked his resignation as Lebanon's prime minister, according to a local news report on Wednesday.

19:36 Budget: Planning probe spooks builders, mixed reaction for stamp duty cut

A range of new housing policies were proposed by Chancellor Philip Hammond in his Budget statement, including more funds for smaller housebuilder, a probe into potential holding of land by major housebuilders and a stamp duty cut for first-time buyers.

18:28 US open: Shares hold ground ahead of FOMC minutes

Wall Street is holding its ground following the record highs set the day before, albeit amid lighter than usual trading volumes ahead of the Thanksgiving Holiday on Thursday, with investors looking to the release of the minutes of the most recent meeting of the Federal Open Market Committee.

17:24 London close: Stocks higher on UK budget

Shares closed higher on Wednesday as investors sifted through corporate releases as well as the Autumn Budget.

17:10 FTSE 250 movers: Qinetiq boosted by Berenberg note as Thomas Cook tanks

The FTSE 250 index was up around 0.50% on the day in which Chancellor Philip Hammond revealed his budget for the upcoming year.

17:04 Higher margins offset declining sales volumes at Cambria

Motor dealer Cambria Automobiles managed to successfully grow profit and revenue throughout the financial year, as per-unit profits counteracted a slide in sales volumes.

16:58 First production at Texas asset transforms Pantheon Resources into full-cycle energy and power business

Oil and gas exploration firm Pantheon Resources announced "another year of progress" in its full-year results on Wednesday, as it completed the transition from a pure-play exploration company to a full-cycle energy and power business.

16:53 Integrated Diagnostics revenue up 41% despite tighter margins

Egyptian-focused medical diagnostics firm Integrated Diagnostics (IDH) reported an unaudited net profit of EGP 283m for the first nine months of its trading year, as revenue "accelerated meaningfully" in the third quarter.

16:51 Cadence Minerals discovers 21m tonnes of resources at Yangibana project

Mineral resource investment and development company Cadence Minerals issued updates on its Yangibana and Pilbara rare earth projects in Australia, with work set to begin on extensive ferrocarbonite/ironstone veins that had previously been evaluated by drilling in the 1980s.

16:33 Eurozone consumer confidence jumps in November

Consumer confidence in the single currency bloc shot higher in November, according to the executive arm of the European Union.