"Region Stroy" will be engaged in the extraction of platinum in West Kytlym

25 May 2016

British exploration company EurasiaMining has entered into an agreement with the Construction Company "Region Stroy" Ltd. on the development of deposits of placer platinum in West Kytlym, Sverdlovsk region, - said in the company's message. The parties have agreed on cooperation for 10 years, the development of Malaya Sosnovka area will start in June. All of the following areas will be developed in stages on the basis of additional agreements. "Region Stroy" will undertake funding and works on the project in exchange for 70% of revenue and 30% will be transferred to the balance of "Kosvinsky Kamen" JSC, a subsidiary of Eurasia Mining. Eurasia reserves the right to hold a license for the Western Kytlym and focus on other projects, in particular - Monchetundra field. Christian Shaffalitski, managing director of Eurasia Mining, has noted that the company is pleased to start the development of the project without asking for financial support of shareholders. In the second half of 2015, Eurasia Mining has received all the required permits and licenses for extraction of minerals from the field, including platinum and gold. In April 2015, reserves of the Western Kytlym were 2,283 tons of placer platinum by category C2. According to early estimates, the company planned to produce up to 5 tons of alluvial platinum within 10 years in case of a successful outcome of further exploration works. The company also owns 80% in the deposit of platinum, Monchetundra, Kola Peninsula, which it plans to sell either in part or in full.

Sourсe: Gold Mining Manufacturers' Reporter gold.1prime.ru