For 15 years, Eurasia Mining Plc leveraged a joint venture with Anglo American Platinum Ltd., which proved to be very successful as the company went on to obtain licenses for platinum mining exploration projects in Monchetundra, Kola Peninsula, Finland, and West Kytlim—a mine that produces platinum, palladium, iridium, rhodium and gold—in Russia. Fast-forward to the present and Eurasia is now working beyond this to gain further permissions.
The company was granted the Flanks License, which complements its current mining industry certification while extending beyond its initial exploration license.
‘The directors are delighted that we continue expanding our presence in the Urals beyond our current mining license area and Typil exploration license area, including to the areas known to us through the work done within our former 15-year joint venture with Anglo American Platinum’, says Christian Schaffalitzky, Executive Chairman of Eurasia Mining.
Meanwhile, James Nieuwenhuys, Chief Executive Officer and Managing Director of Eurasia Mining, says, ‘The Board members are happy that we have once again delivered on the promise we made to obtain the Flanks License at our West Kytlim project, strengthening its position as the world's largest soft rock PGM project, as we continue to successfully execute on our plans’.
What’s next for Eurasia Mining?
The receipt of the Flanks License will allow Eurasia to strengthen its operations at the West Kytlim project—which has seen the launch of three new plants over the past few years—to mitigate the closure of the mine. As a result of this extension, the group will be able to leverage more access to resources and continue to scale up its production. There are also plans to improve upon the company’s ESG credentials as it looks to install electrically powered draglines to allow for improved operational efficiency.
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