StockMarketWire.com - Eurasia said Monday a contract had been agreed between its subsidiary Kosvinsky Kamen and Urtalmetmash to carry out mining of  platinum-group metals and gold at its West Kytlim mine.

Under the agreement, platinum revenues would be split on a 65%/35% basis, in favour of Urtalmetmash.

Work was expected to commence on site immediately, with first concentrate production expected in April, as and when running water becomes available, the company said.

The company also said work would continue initially at the Kluchiki area, where work finished on schedule in November last year.

'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,' said Executive Chairman Christian Schaffalitzky.

'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.'


At 10:25am: [LON:EUA] Eurasia Mining PLC share price was +0.01p at 0.51p



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