Aim-listed platinum group metals (PGM) and gold miner Eurasia Mining has received approval from the Russian Federal Securities Board and the Ministry of Defence for its Monchetundra project, in the Kola Peninsula.
The mine permit application for the two-million-ounce PGM Monchetundra project will now progress to Ministerial level, where is it reviewed by the Ministry of Economic Development and Ministry of Natural Resources, before going to the office of Prime Minister Dmitry Medvedev for final approval.
The application process remains on track for a successful grant by late summer, Eurasia reported on Wednesday.
The Monchetundra project contains reserves and resources of two-million ounces PGM with a palladium:platinum ratio of 2:1 and an in-site value of about $2-billion.
Eurasia CEO Christian Schaffalitzky said the company is working on the technical aspects of the project’s resource and metallurgy, including ore scheduling exercises.
“Discussions are ongoing with a wide range of potential stakeholders regarding the projects route to commercial development, including continuing discussions on offtake agreements, refinery contracts, and discussion with our engineering, procurement, construction and finance partner Sinosteel.”
“The Monchetundra project is very much a focus of the company's business, alongside the now full scale production of PGM at our West Kytlim mine, also in Russia, which is the second-largest alluvial openpit PGM mine globally,” he stated.