Eurasia Mining rockets higher with palladium price
What it owns
Eurasia is currently in production at its West Kytlim platinum and gold mine in the Ural mountains. Eurasia recently brought the operation.
Eurasia also owns the Monchetundra platinum and palladium deposit on the Kola peninsula in north European Russia, which boasts a resource of two million ounces, and which is currently the subject of economic studies. The in-situ value of the metal is estimated at over US$2bn.
The third significant asset owned by the company is the Semenovsky gold tailings project, which contains three million tonnes of sand grading 1.2 grams per tonne gold.
How it's doing
Shares in Eurasia rocketed as punters eyed the value of Monchetundra in the wake of a soaring palladium price, but were then suspended in February 2020 following speculation about a potential takeover.
Eurasia subsequently said that talks with CITIC were ongoing.
Eurasia is currently operating the Monchetundra project, which contains two palladium open pit deposits, while the flanks area and other immediate adjacent areas contain potential platinum group metals (PGM) resource of 15mln ounces, with an additional potential resource of around 4mln ounces within 5 kilometres of the licence area.
The company is still awaiting final approval from SevZapNedra, the regional licensing body.
“We look forward to the formal license issue, which is in line with our strategy to become one of the largest alluvial PGM operations globally,” chairman Christian Schaffalitzky said in a release.
In April, the company said that its conversations with CITIC to date have been with CITIC Merchant Co. Limited ('CITIC Merchant'), the merchant banking arm of the CITIC Group Corporate Limited. CITIC MRead More – Source