Eurasia progresses Russia PGMs and battery metals JV
London-listed Eurasia Mining is progressing plans to create a “globally significant” platinum group metals (PGMs) and battery metals company with partner Rosegeo.
Eurasia announced on Tuesday that it had created the first joint venture (JV) company, Monchegorskoe, to hold the licence for the Nyud openpit PGMs and battery metals deposit.
A Eurasia subsidiary would become a 75% shareholder in Monchegorskoe, after Rosgeo transferred the licence for Nyud. The company would have the right to acquire the remaining shareholding in the JV upon completion of a code-compliant competent persons report.
CEO and MD James Nieuwenhuys said that Eurasia was “enthusiastic” about its plans for PGMs and battery metals.
“We are using the momentum of hydrogen and EV [electric vehicle] markets growing fast on the one hand and the traditional PGM regions struggling with various challenges including underground mine floods and limited electricity supply on the other hand,” he said.
Eurasia announced its strategy last month, having exited a formal sales process.
In terms of the Rosgeo JV, the company will gain a 75% equity stake in nine PGM and battery metals assets, four of which are post-Russian feasibility study with state approved reserves. The assets contain a total of 104.6-million ounces of platinum-equivalent and are in the immediate vicinity of the Mnchetundra project.
“This year of 2021 is unprecedented for Eurasia in terms of the Rosgeo JV completion, West Kytlim production ramp-up and the cash balance the company has at hand, all contributing to Eurasia's strong position to execute on its strategy,” said Nieuwenhuys.
Comments
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