Eurasia Mining pleased with operational progress

21st Dec 2022 13:52

(Sharecast News) - Palladium, platinum, rhodium, iridium and gold producer Eurasia Mining updated the market on its operations on Wednesday, reporting that at West Kytlim, the washing of gravels had finished for 2022, with its team and machinery now re-focussing on the winter stripping programme.

The AIM-traded firm said total production for the 2022 season was around 200 kilograms of raw platinum concentrate - up 77% year-on-year - from the Bolshaya Sosnovka and Kluchiki areas, with a total average grade of 363 milligrams per cubic metre.

It also reported a "notable" high-grade seam at Kluchiki, providing 3.7 kilograms of raw platinum from 3,800 cubic metres of gravels, grading 984 milligrams per cubic metre.

Grid electric power was now available at site, with the power line construction completed, the high voltage substation construction completed, and all necessary peripherals completed and commissioned.

The electric dragline was also now fully assembled, and was under final high-voltage electrical testing, and the contractual 72-hour continuous performance test.

Eurasia said its electric dragline operators had on-the-job training during the one-year assembly period, with another training programme just completed.

A late-season infill drilling programme to determine the final 2023 mine design had also been completed.

At Monchetundra, meanwhile, Eurasia said it had concluded final infill and geotechnical drilling programmes for both open pits.

A definitive feasibility study for the Loipishnune and West Nittis open pits, meanwhile, had been submitted for approval.

"We are encouraged by the progress made at both projects through the course of a challenging year," said executive chairman Christian Schaffalitzky.

"Our strategy remains as previously announced - to continue to develop our assets while working with counterparties in BRICS countries regarding the possible sale of our Russian assets, a process which we appreciate has now run on longer than the company's management team anticipated."

James Nieuwenhuys, chief executive officer, added that the West Kytlim mining season had proven to be a success both in terms of the smooth running of the operation and the implementation of both the power line and dragline projects over the course of a single season, despite geopolitical challenges.

"We are grateful to our staff for their dedication and focus to keep these projects on budget and on time and look forward to the positive impact of predominantly electrically powered mining and processing through the 2023 season," Nieuwenhuys added.

At 1326 GMT, shares in Eurasia Mining were down 0.89% at 4.21p.

Reporting by Josh White for Sharecast.com.