Eurasia mining wants to mine platinum in the Urals

26 May 2016

Eurasia Mining has engaged Region-Story company (Chelyabinsk city) in the beginning of the development of platinum placer deposits of Western Kytlym (Sverdlovsk Region).

In 2014, its reserves were estimated at 2.3 t (81 thousand ounces), and inferred resources were 1.8 t (63.5 thousand ounces). Eurasia Mining expects to produce to produce 5 tons of metal (176 thousand ounces) for 10 years, assessing the cost of $350 per ounce which is at the level of the low-cost producers in the South African Republic. From January to May platinum, which lost 24% in 2015, has risen from $845 to $1-1.1 thousand for ounce. But the plans of Eurasia Mining in the Urals are quite minimalistic: for example, in 2015, Norilskiy Nickel produced 590 thousand ounces of platinum, as the global demand was 8.2 million ounces, according to Eurasia Mining (5.5 million ounces, according to Societe Generale). The start of mining at the first area of the Western Kytlym is scheduled for July 2016; the investment is not named, but it is noted that their volume will be “relatively small”.