In the Media Eurasia Mining 2 hours ago West Kytlim Mine - Photo Update 2019 Work has begun, site clearance & tree removal in prep for the 2019 production season. #Platinum #Gold West Kytlim is the 2nd largest alluvial PGM reserve in the world with concentrate production possible from April (weather permitting) #EUA twitter
Info EUA are one of the ‘Exhibitors’ at this years UK Investor Show (30th March 2019 London): UK Investor Show (London)
In the Media MiningMaven Q&A: Eurasia Mining’s Christian Schaffalitzky on his firm’s ambitious plans for 2019 (EUA) MiningMaven recently caught up with Eurasia Mining’s (LSE:EUA) chairman Christian Schaffalitzky to discuss the Russia-focused exploration firm’s plans following a busy news period. Last month saw the business announce that preparatory work, including tree felling, had begun ahead of this year’s production at its West Kytlim mine in Russia’s Urals region. This is expected in April once the seasonal thaw sets in. Meanwhile, the company is also continuing to make progress at its 80pc-owned Monchetundra project in the Kola Peninsula, where first palladium, platinum, and gold production is targeted in 2021. The business received a mining licence for the project in December 2018, and can now look to advance the project through construction. Read on for more details on Schaffalitzky’s plans at its principal assets over the coming year as well as his views on the platinum market and Russia as an operational jurisdiction: MiningMaven: Can you give us an overview of your plans at West Kytlim now that operations have re-started? Christian Schaffalitzky: We are waiting for the ice to melt so we can start the washing process. If things go well, we could begin to produce in April. It depends on when the thaw kicks in because we need running water to wash the gravel. The preparatory work required ahead of mining is relatively straightforward. First of all, the site contains ‘pay gravels’ that contain ore. We can start working on clearing forest and non-ore from above these gravels because we have identified where the platinum-bearing gravels are. Forest is removed, overburden is stripped back, and this is work that can be undertaken in winter and early spring. So that’s the immediate work plan. We are actually mining sediments that are in an active river system. So, once the river is flowing, we redirect it for the section on which we are working and also the terraces on the side of the river, from earlier river systems. Those terraces are also platinum bearing, giving us several generations of sand and gravel that are potentially platinum-bearing. That is what we are looking for when we are exploring. MM: Did the company deliver its production targets last year? CS: We did, yes. We had an informal target of around 100kgs of platinum, and we produced 165kgs. So, we were delighted with our performance in spite of difficult conditions in the platinum market, where prices remained very weak as gold and palladium roared ahead. MM: On that note, do you think platinum prices are basing and are ready to move up shortly? CS: There seems to be a perception in the market that there is an excess of platinum globally, which is pushing prices down. This is because the metal is used primarily in catalytic converters in diesel engines, which are expected to suffer declining demand over the coming years. Personally, I don’t buy into the idea that this dynamic is this simple. At current prices, around 80pc of the platinum mines in the world – or at least in South Africa – are operating below breakeven. They cannot keep working on negative income. You also have to remember that many of the underground mines in South Africa are old and, as such, are not mechanised. This could ultimately cause them to close, which would also throw up serious geopolitical concerns as they employ thousands of people who cannot be fired overnight. New mines are coming, of course, but as these older mines close, it will be a big problem for supply. MM: So, with South Africa’s potential issues in mind, is the area of Russia you are based in prolific for mineralisation? CS: Yes. If we focus on the Urals, it is famous for platinum. In fact, it was the first place in the world where platinum was discovered and then worked commercially. The Russians discovered significant platinum nuggets at the beginning of the 19th Century, and work has been going on since. Over this period, 16Mozs of the metal has been worked, so it really is prolific. There are both small-scale and large-scale platinum mining operations in the river system. What you do not find in the Urals are hard rock platinum mines, which are present in South Africa. In other words, in the current environment, the only economic platinum that we see in the Urals is as alluvial deposits like our West Kytlim Project, which are also very low cost operations, relative to the South African mines. At Monchetundra the focus is on Palladium as our identified ore bodies are at least 2:1 Pdt. There are several other licences adjacent to our current permit and further afield, which we are reviewing. We believe Kola can be a really hot area on the global PGM map in years to come. MM: Moving away from the Urals, what can you tell us about developments at the Monchetundra project? There are a lot of elements in place at Monchetundra and a lot of things that we are currently doing. It is a complicated, big project, that very well may be a company maker for us. To recap, we have now completed a Russian style feasibility study to apply for a mining licence. This has now been granted and covers c.2Moz of palladium-rich mineralisation with platinum and gold as well as copper and nickel. We now have to have the mine development approved by the government, and also by ourselves. In other words, we need to get the engineers at work now, to put together the actual construction of the mine, and to make the planned detailed engineering for the mine. As part of this, we signed a contract back in 2016 with Sinosteel, a large Chinese engineering group to do an Engineering, Procurement, and Construction contract. They did an estimate at the time that said it would cost about $178m to construct the mine in roughly two years. They estimated that it could produce 130,000oz of palladium mineralisation per annum. To do the project, they would finance 85pc of the $178 million, and they would carry that loan on their books until the plant was fully operational, or commissioned and handed over. And then it goes on to Eurasia’s books. The remaining 15pc, which is roughly $24 million, is our bill- our equity contribution to the development of the mine. However, at the same time, there is a cashback element to the project whereby Sinosteel sub-contract to us to do specific preparatory work. All that part of the work is subcontracted back to Eurasia. So, what this means is that we have to come up with $24m now, but we get $50m back, we believe less than what it costs to do the work. We’ve pretty much estimated that this will actually generate positive cashflow for our development. MM: Excellent, so can you give shareholders any indication of when more information will be available? CS: Right now, we are preparing the plans for all of this work and are making sure we have the licensing schedule organised with the government, and so on. There is a lot of paperwork involved in all of the aspects of the deal, and it does take time. We have to do it right, and we are a small company, relatively speaking, and this is a massive project, so we have to get it right. We will be providing further information to the shareholders in stages over the coming months with an update due soon. Interview by Stuart Langelaan MiningMaven Q&A
RNS-Historic 7 February 2019 Metal Tiger plc Kalahari Metals Limited - High-Resolution Geophysics Identifies Drill-Ready Targets Metal Tiger plc (AIM:MTR), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, is pleased to provide an update regarding Kalahari Metals Limited’s (“KML”) copper-silver exploration progress. Highlights -- Drill-ready targets identified through Phase-2 high resolution aerial electromagnetic (“AEM”) and helicopter-borne magnetic geophysics surveys over the Ngami Copper Project (“NCP”) and Okavango Copper Project (“OCP”) licence areas, significantly advancing the exploration potential of both projects. -- Phase-2 geophysical surveys identified high-interest targets including ‘dome style’ exploration targets, analogous to the MOD Resources Limited (“MOD”) T3 Deposit (60Mt @ 0.98% Cu & 14 g/t Ag) (initially identified in the Phase-1 AEM survey as announced on 31 October 2018). -- Layered Earth ("LE") inversion modelling of the high-resolution data has identified compelling targets for follow-up: At the NCP, three anticline fold-hinge (“dome”) targets are considered to be ready to be drill tested; and At the OCP, the marker conductors associated with potentially mineralised contacts have been mapped from the Zone 5 (100 Mt @ 1.95% Cu & 19.9 g/t Ag) and Zone5 North (17 Mt @ 2.27% Cu & 43.4 g/t Ag) deposits, both held by Cupric Canyon Capital (“Cupric”), into the OCP licences with a prominent fold closure target considered drill ready. Michael McNeilly, Chief Executive Officer of Metal Tiger plc, commented: "Theincreased resolution provided by the Phase-2 Airborne Electromagnetic and Magnetic survey data combined with Layered Earth inversion modelling has provided compelling structural and lithological targets for drill-testing. We are actively reviewing KML’s proposed diamond and reverse circulation drilling targets against the strong likelihood of adding significant value to the project through drilling. KML is awaiting sign off or feedback on the Environmental Management Plan (“EMP”) shortly for the Ngami licence and further updates will be provided to shareholders in due course." We recommend that readers also refer to the below linked version of this news release which includes informative images showing the geophysical interpretations: [link] Further Details:
Info Eurasia Mining beginning to build scale in platinum group metals portfolio, helped by track record of competence in Russia 08:52 05 Feb 2019 Eurasia has huge upside at the US$2bn Monchetundra project and is supported by cash flow from West Kytlim What Eurasia Mining does Eurasia Mining plc (LON:EAU) is one of the AIM market’s longest-standing mining constituents. In recent years the company has made a speciality of moving precious metals assets in Russia up the value chain, from the exploration stage, through a process of economic assessment and into production. What Eurasia Mining owns Eurasia is currently in production at its West Kytlim platinum and gold mine in the Ural mountains. This operation is being run on Eurasia’s behalf by a contractor, with a 65/35% revenue split in favour of the contractor. 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. Inflection points The West Kytlim project is currently gearing up for the 2019 production programme, once the winter thaw gets underway. In 2018 the Russian operators produced 165 kilogrammes of raw platinum from the project, exceeding expectations by 65%, so there is now a good track record of competence being established at the project. At Mochetundra, the mining license is now in place, as is an engineering, procurement and construction contract with a major Chinese contractor. The next logical step is to commence production. Chief executive Christian Schaffalitzsky strikes a positive note "We are pleased to be working again with the team that proved so effective during 2018,” Schaffalitzsky said after the programme of works for West Kytlim was announced in January 2019. “They were a very efficient operator last year, with a zero accident record, and financially motivated to develop the asset in a sensible manner. Furthermore, we are looking at ways to improve metal recoveries, based on the measured efficiency of the existing process flowsheet.” And at Montechundra he’s equally upbeat: “Again we wish to thank the officials involved in moving the license documentation along so soon after the final decree from Prime Minister Medvedev. We look forward to advancing the project through construction now that the final permits are entirely in place.” [link]
RNS-Historic 28 January 2019 West Kytlim Production 2019 The Company is pleased to update shareholders on the West Kytlim platinum, palladium, rhodium, iridium and gold mine, and the plans for the coming year. A contract for the 2019 season has now been agreed between Eurasia’s subsidiary Kosvinsky Kamen (‘KK’) and Uralmetmash (formerly Techstroy) to carry out mining of PGM and gold at the West Kytlim mine. Work is expected to commence on site immediately, with first concentrate production expected in April, as and when running water becomes available Work to continue initially at the Kluchiki area, where work finished on schedule in November 2018 Platinum revenues to be split on a 65%/35% basis, in favour of the contractor Refinery contract between KK and the Urals precious metal refinery also renegotiated to include an extra percent payment on London Metal Exchange ('LME') Platinum prices (now at 98% LME, from 97% in 2018) The Directors of Techstroy, the contractor employed at the West Kytlim mine for the 2018 season who achieved production well in excess of target (a total of 165kg raw platinum against a targeted 100kg), have now registered a new company, Uralmetmash, as a special purpose vehicle to focus on the West Kytlim Project. The roles and responsibilities of each of the parties shall remain largely as before, with Uralmetmash responsible for pit development, mining, ore trucking, washing and disintegration - while KK remain responsible for concentrate upgrade, shipment of mine product and distribution of metal sales revenues. Commenting on this agreement, Executive Chairman Christian Schaffalitzky said: “We are pleased to be working again with the team that proved so effective during 2018. They were a very efficient operator last year, with a zero accident record, and financially motivated to develop the asset in a sensible manner. Furthermore, we are looking at ways to improve metal recoveries, based on the measured efficiency of the existing process flowsheet. We look forward to updating shareholders on progress and also our longer term development strategy for the West Kytlim reserves and resources before the season commences.” Further details: Uralmetmash intend to move on site immediately to prepare for mining, to include stripping of overburden and stockpiling of ore in preparation for washing, which can commence once the seasonal thaw is underway. The thaw can be expected sometime in April 2019. Further state approved reserves are present elsewhere at Kluchiki and the Company awaits formal approval of a refreshed reserve assessment for this area, which was submitted on completion of a drilling program in 2017/8 (see announcement dated 25 October 2018). A second washplant can be commissioned on approval of this reserve calculation. Eurasia and KK personnel continue to work on an enlarged exploration program for the West Kytlim Project, to include the recently approved Flanks exploration license and ensure adequate reserves available for future mining seasons. Work on analysis of the previous mining seasons performance has commenced and a sampling program has been outlined for the tailings of the 2018 season. This information will input to proposed modifications to the current circuit, with the possible addition of a jig to recover finer raw platinum fractions. The addition of a hopper to better control the loading of gravels to the front of the circuit, and achieve a more constant flow of material into the trommel, is also expected to improve recovery during the 2019 season. [link]
Rumours of Talks Rumours on LSE that CS is in Monchegorsk this week for discussions. A quick look at possible reasons for that throws up NorNickel who have a base and smelter in Monchegorsk. Company info below. From that it would look like a good fit to me with the range of metals we have. Nornickel logo.svg Type Public Traded as MCX: GMKN LSE: MNOD Industry Mining, Metals Founded 1993; 26 years ago Headquarters Moscow, Russia Key people Vladimir Potanin (President - Chairman of the Management Board) Products Nickel Palladium Copper Platinum Gold Cobalt Selenium Tellurium Rhodium Silver Iridium Ruthenium Coal Revenue ₽537 billion (2017) Operating income $3.28 billion (2016) Net income $2.53 billion (2016) Total assets $16.5 billion (2016) Total equity $3.9 billion (2016) Owner Vladimir Potanin (32.9%) Rusal (27.8%) Roman Abramovich (4.95%) Number of employees 96.193 (2014) Website www.nornik.ru
Permit Registration It seems from today’s RNS that EUA were keen to get the permit and get it registered as a Director of the company attended to receive the permit and then registered it straight away. This would suggest that the company either want to crack on as early as possible next year, or they want to ensure that all the paperwork is all in place and irrefutible before inking a further deal? Time will tell! glta
ii EUA… XXXX Just having another look at this one in hindsight Sept 26th was good opportunity . It is back up to 0.78 level ( 80 % more then when i took a profit ) 0.38p to 0.44p was 16 % for six month’s. It had fallen to 0.225 mid Dec 17 …down 41% . justify s no stop loss . Can see why i took the gain . But in hindsight was mistake. Shorters are making shares much more volatile .
Todays RNS This should go some way to clearing out some of the 0.34p shares issued recently. In yesterday’s Proactive interview Schaffalitzky talked about 0.6p warrants providing the cash requirement in the short term. From memory that’s another 150m shares. The share price should remain well below 1p for now. TDT
Todays RNS 20 November 2018 Eurasia Mining plc (AIM: EUA) Final Approval Received for Monchetundra Mine Eurasia Mining plc (AIM: EUA), the PGM and gold producing company, is delighted to announce that the office of the Prime Minister of the Russian Federation has approved the issue of a mining permit at the Monchetundra PGM and base metals project. The Monchetundra project comprises 1.9 million ounces of palladium-led reserves and resources with platinum, gold, copper and nickel with a gross in-situ value of $2.11 billion, as detailed in the RNS announcements dated 21 May 2017 and 02 February 2018. A contract for engineering, procurement and construction and financing is in place with Sinosteel for the development of the mine. This announcement, made public through official government channels earlier today, 20 November 2018, concludes the extensive permit application process. The formal procedure involves the issue of the licence together with details of the advance royalty payment, to follow shortly. Speaking after the announcement, Christian Schaffalitzky, Chairman said: " we are very happy that our work on obtaining this licence, which began more than ten years ago, has finally been completed. We are also pleased that the Company is debt-free as it prepares to develop Monchetundra. A more detailed announcement will follow in due course with the details of the licence and an update on the project."
Large buy Hi Krayl I think you may have your decimal point in the wrong place!!
Large buy Apologies for the decimal point error! The value of the buys was £88,000 - still quite significant.
Large buy Around 13:30 today there were 3 buys that totalled 22M shares at 40p - that’s £8.8M. Not surprisingly others joined in and the share price finished at 46p - up 16% on the day. There has been no announcement. Does the buyer know something - or is it just taking advantage of the low price?
Revenue TDT Taking an agressive one-sided stance for or against a particular share is not my approach, but is a perfectly acceptable way of putting forward your views. Making personal insults against another poster is totally out of order and I hope to see an apology from you. If not then I, as an independent observer, will be reporting you.