Eurasia Mining is in the spotlight

Eurasia Mining PLC is an international mining and mineral exploration company, focused on Russia.

The company’s stated objective is to produce and explore for platinum group metals (PGMs) and gold through self-funded exploration targets and joint venture partnerships with strategic operators and local partners.

Projects are subject to an initial evaluation for viability and once this is established further exploration work is carried out to feasibility study level. It is then the company’s intention to either proceed to develop the project to production or partner the project with a suitable operator.

(, ) has successfully completed a US$15mln financing on terms that were originally announced on 20 September.

The cash balance of Eurasia now is about $35m with no debt

The financial position of the company is sufficient to accomplish its commitments in relation to the Rosgeo joint venture. A JORC resource by compiled by Wardell Armstrong is due to be announced shortly.

“The directors are pleased that more institutional investors have joined our shareholder base, as we reach another important milestone. We look forward to providing further updates,” said Christian Schaffalitzky, executive chairman of Eurasia.

(, ) will raise GBP11mln through a private placement with institutional investors to help finance a previously announced joint venture with Russian state-owned company Rosgeo.

Institutional investors have agreed to buy 41.55mln shares and warrants at 26 pence per share, the closing share price on September 17.

(, ) said a detailed mining plan has been completed for the first five years of the life of the Loipishnune open pit and the West Nittis open pit, both of which form part of the Monchetundra project.

The miner said that phase one of annual ore production was increased by 1.7 times to 1.7mln tonnes per annum compared to the Russian Feasibility Study.

The apparently inexorable rise in the palladium price came to a halt in the second week of November, after peaking at a record 1,804 per ounce on 28 October. Since then, the metal has given up more than US$100 per ounce, although analysts are divided as to where it will go next.

Most chartists seem to see a bullish trend developing, whereas those looking at market fundamentals continue to remain bullish.

Eurasia Mining’s () Dmitry Suschov speak to Proactive London’s Andrew Scott followingn the news they’ve engaged two banks as they consider the ‘strategic options’ for its Kola and Urals mining assets .

He says VTB, an arm of Russia’s VTB Group, and CITIC, which is owned by the Chinese government have already started assessing potential plans.

He says the Banks have agreed to work on a success fee basis, so that their motivation is directly linked to a successful completion of an asset transaction.