Following the office award of the permit for the Monchetundra mine in Russia, Aim-listed Eurasia Mining said on Friday that it would have to pay a 20.84-million rouble licence fee.
Twenty per cent of the total is due within 30 days of registration of the licence at the state register of suboil licences. The remaining 80% is payable within five years of the date of the licence’s registration.
Eurasia said that the official document would be transferred to the company in the coming weeks and that it would pay the initial 20% from available funds. The balance would be met as part of the capital development of the project.
Monchetundra contains a state approved reserve and resource of about two-million ounces of palladium equivalent, with an in-situ total reserve and resource value of about $2.1-billion.
The project is fully permitted for mining.