Eurasia appoints adviser as Lesego Platinum conducts due diligence
Precious metals company Eurasia Mining has appointed former Goldman Sachs and Morgan Stanley senior investment banker Alexei Churakov as strategic adviser.
Churakov has extensive mining merger and acquisition experience and has top level contacts with mining companies, including South Africa’s Lesego Platinum, which is undertaking a due diligence on Eurasia’s West Kytlim and Monchetundra platinum group metals mines, in Russia.
Eurasia said on Monday that Churakov had helped to arrange detailed due diligence and multi-day site visits by Lesego CEO James Nieuwenhuys as part of an evaluation of Monchetundra and West Kytlim.
Lesego is considering the potential partial acquisition of Eurasia’s subsidiaries and joint venture opportunities at the sites, the London-listed company said, adding that should any transaction occur, Nieuwenhuys could join its board of directors.
Nieuwenhuys is a former COO of Russian gold miner Polyus Gold and has also held MD positions at engineering, procurement and construction organisations Bateman Projects and SNC-Lavalin.
Eurasia said that Churakov had assisted in negotiations with Sinosteel helping structure the engineering, procurement, construction and finance contract to include a $50-milion subcontract through which Sinosteel provides Terskaya Mining Company, Eurasia's subsidiary developing the Monchetundra project, with the start-up financing. The first payments comprising $26.5-million would allow Eurasia to finance its obligations under the contract with Sinosteel without shareholder dilution and make the Monchetundra project self-financed.
Churakov has also assisted in developing the West Kytlim phased production increase strategy involving Eurasia's own team and its contractors.
Eurasia further announced that long-term director Dmitry Suschov had transferred 25.472% of the share capital of a company he controlled, Deloan Investments, to Churakov’s Venus Garden Holdings for a nominal consideration. Deloan holds a substantial shareholding in Eurasia.
“We are grateful to our long-term director Mr. Dmitry Suschov for providing a motivation package to Mr. Churakov while at the same time keeping the existing shareholders intact,” said chairperson Christian Schaffalitzky.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation