The mine permit application for the two-million-ounce platinum-group metals (PGM) Monchetundra project has progressed to the office of Russian Prime Minister Dmitry Medvedev’s for final authorisation, Aim-listed Eurasia Mining reported on Wednesday.
This follows the approval from the Ministry of Natural Resources, which marked the final relevant Russian agency approval required for the mining permit application.
All documentation with regards to the project has been forwarded to the Prime Minister’s office for the final decision on whether to authorise and finally grant the mining permit.
"We are delighted to have now reached the final step in this process which commenced on submission of the mine permit application in December 2017. Our experience with the West Kytlim mine permit application is that this final approval can arrive without notice and soon after submission, in the case of West Kytlim in less than three weeks," said Eurasia MD Christian Schaffalitzky, referring to the company’s other operational Russian mine.
Shares in the London Aim-listed company traded 6% higher on Wednesday morning.
Currently, State-approved reserves and resources within the Monchetundra project comprise Russian standard C1 and C2 categories of 55.9 t, about two-million ounces, of palladium equivalent at two open-pittable locations, West Nittis and Loipishnune.
These openpits also contain significant gold and base metal credits including 28 124 t of copper, 30 410 t of nickel and 2 t of gold.
Eurasia Mining directors believe the project to be unique globally in being led by high palladium grades, and that it represents a significant lower cost openpit mining operation, which compares favourably to the relatively expensive underground operations in South Africa.