News Column

Eurasia Mining Loss Widens; Focusing On West Kytlim, Monchetundra

September 2, 2014

Sam Unsted

LONDON (Alliance News) - Russia-focused miner Eurasia Mining PLC posted a slightly wider half-year loss on Tuesday despite having cut its administrative expenses after it acquired the remaining shareholding in the Urals Alluvial Platinum Ltd joint venture it did not already own.

Eurasia said its pretax loss in the six months to June 30 hit GBP283,700, against GBP281,356 a year earlier. Revenue for the group dropped to GBP3,640 against GBP10,055 last year. Administrative expenses were down to GBP244,397 from GBP273,646 in the first half of 2013.

During the half-year, the company agreed a deal to buy the remaining 50% of its Urals Alluvial Platinum Ltd joint venture, giving it a 100% interest in Ural's platinum group metals projects in Russia. Eurasia is buying the remaining share from Rutenburg Platinum Mines (Cyprus) Ltd, a subsidiary of Anglo American Platinum Ltd, itself a subsidiary of Anglo American PLC.

Elsewhere, the company has completed exploration work in the West Kytlim licence and is now focusing on the necessary work to allow mining to start. Eurasia said it has made an application for a discovery certificate for the site and hopes this will be awarded in the near future. Once awarded, the company intends to lodge an application for a production licence.

In addition, Eurasia said it is in the process of 3D modelling two priority open-pit targets at the Monchetundra site and is working on a feasibility study for the two targets.

Eurasia Mining shares were untraded Tuesday, quoted at 0.425 pence.

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Source: Alliance News

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