Eurasia Mining PLC (LON:EUA) is proceeding with its plans to create a series of joint venture companies with partner Rosgeo.
On 26 March 2021, Eurasia signed a binding agreement to create a joint venture with Rosgeo in which Eurasia will own a 75% equity stake in nine platinum group metal and battery metals assets, four of which are post the Russian feasibility study stage, and which have state approved reserves.
The joint venture projects have a total of 104.6mln ounces of platinum equivalent Russian Code reserves and resources in the immediate vicinity of the company’s Monchetundra project in the Kola Peninsula.
The first joint venture company, Monchegorskoe LLC, was created to hold the licence for the Nyud open pit PGM and battery metals deposit.
Eurasia’s 100% subsidiary Yuksporskaya Mining Company (YGK) has now signed a notarised agreement with Rosgeo pursuant to which YGK will become a 75% shareholder in Monchegorskoe after the licence for Nyud is transferred from Rosgeo to Monchegorskoe.
Eurasia, through YGK, will also have a right to acquire Rosego’s 25% shareholding in Monchegorskoe upon the completion of a JORC Code compliant competent persons report on Nyud.
“We are enthusiastic to create a globally significant PGM and battery metals company with our partner Rosgeo, a large internationally diversified company,” said James Nieuwenhuys, chief executive of Eurasia Mining.
“We are using the momentum of hydrogen and EV 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. 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.”.