London-listed Eurasia Mining, which operates platinum group metals (PGMs) and gold mines in Russia, has started a formal sale process under the UK Takeover Code.
UBS Investment Bank in London has been appointed its leading financial adviser to assist in a review of its strategic options.
The company said in a statement on Wednesday that, in recent months, it had received a number of inbound expressions of interest from multiple parties interested in acquiring all of, or a stake in, its assets.
Eurasia operates the West Kytlim mine in the Urals, and is also the operator of the Monchetundra project comprising two predominantly palladium openpit deposits.
Monchetundra is considered a world-class openpit deposit that has a palladium-rich PGMs resource base of 15-million ounces with a potential to increase to 40-million ounces.
Monchetundra is located 3 km from Severonickel, one of Norilsk Nickel's largest base metals and PGMs processing facilities, near the town of Monchegorsk on the Kola Peninsula and is fully financed through to production via agreement with Sinosteel.