West Kytlim mining contract agreed for 2019 season
London-listed precious metals producer Eurasia Mining on Monday announced that it had hired Uralmetmash, formerly Techstroy, for the 2019 mining season at the West Kytlim platinum, palladium, rhodium, iridium and gold mine, in Russia.
Techstroy was the contractor employed at the West Kytlim mine for the 2018 season and had achieved production well in excess of its target, with a total of 165 kg raw platinum against a targeted 100 kg.
The directors of Techstroy have now registered a new company, Uralmetmash, as a special purpose vehicle to focus on the West Kytlim project.
The roles and responsibilities of each of the parties shall remain largely as before, with Uralmetmash responsible for pit development, mining, ore trucking, washing and disintegration, while Eurasia subsidiary Kosvinsky Kamen (KK) remain responsible for concentrate upgrade, shipment of mine product and distribution of metal sales revenues.
Work is expected to start on site immediately, with first concentrate production expected in April, as and when running water becomes available.
Work is set to continue initially at the Kluchiki area, where work finished on schedule in November 2018.
Platinum revenues are to be split on a 65:35 basis, in favour of the contractor.
The refinery contract between KK and the Urals precious metal refinery has also been renegotiated to include an extra percent payment on London Metal Exchange (LME) Platinum prices (now at 98% LME, from 97% in 2018).
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