Eurasia Mining extends Urals project

22nd Apr 2014 14:42

Russian platinum and gold explorer Eurasia Mining has taken a step forward in expanding a mine in the Urals.Eurasia said the Russian government had registered new reserves at West Kytlim, one of two licences it runs in Russia, after approving them on March 10th.The approval of higher mineable reserves at several locations will allow Eurasia to develop an operation across multiple sites and cut costs to among the lowest for platinum producers worldwide, it said.It plans to continue to convert resources to reserves at West Kytlim in parallel with production, expanding the mine's life. Managing Director Christian Schaffalitzky said: "The project is now set to achieve the economies of scale we aimed for and we look forward to further reserves increases to extend the life of mine of the project further."Shares rose 0.02 or 5.6% to 0.48p at 15:26 in London.PW