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.