Eurasia Mining acquires rest of Urals Alluvial Platinum

20th Jun 2014 11:19

Platinum and gold explorer Eurasia Mining is buying the half of Urals Alluvial Platinum (UAP) which it does not already own for an undisclosed sum.Eurasia's wholly owned subsidiary Eurasia Investments is acquiring the business from Anglo American Platinum's wholly owned subsidiary Rustenburg Platinum Mines [Cyprus] (RPM).The group said the deal would give it a 100% interest in UAP, which holds its platinum and gold projects in Russia.The agreement depends on RPM [Cyprus] and other members of the Anglo American Platinum group obtaining South African exchange control approval.Chairman Michael Martineau said: "Eurasia has been executing and funding a work programme on the Monchetundra and West Kytlim projects for a significant period of time. "Our work has produced attractive assets which, particularly in the case of West Kytlim, are nearing production. It is therefore an excellent outcome for Eurasia that we should enter this next phase with double the original interest in the projects. "The doubling of Eurasia's equity interest in UAP also provides greater flexibility to bring in new partners or to restructure the holdings for improved efficiency of future operations, should the company wish to do so. "As of 12:33 Eurasia's share price was unchanged at 0.48p.WS