UK-based Eurasia Mining has signed an engineering procurement and construction (EPC) contract with China-based firm Sinosteel to develop the 2Moz Monchetundra palladium, platinum and gold project in Russia.

According to the company, the contract accompanies an associated mine finance package.

Eurasia noted that the Monchetundra project is moving towards production after securing a mining permit.

Sinosteel’s EPC financing covers 85% ($149.6m) of the total contract, which is valued at $176m.

Eurasia signed an agreement with Intec International Projects to oversee process improvements that further enhance the project.

The company also noted the completion of a detailed project design report, which includes a detailed land survey and other major works of the two open-pit sites.

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Eurasia Mining chairman Christian Schaffalitzky said: “Our team and our contractors at CKE continue to progress our plans for the development of this palladium dominated open pit mine.

“It is our intention to significantly increase activity on-site over the next six to 12 months to accomplish activities stipulated by the EPC with Sinosteel as TGK’s responsibilities to initiate the payments from Sinosteel to TGK.

“We look forward to launching this mine, walking in the steps and learning from our experience from the successful mine launch at West Kytlim.”

In June 2018, the Russian Federal Securities Board and Ministry of Defence approved a mine exploration permit for the company’s planned Monchetundra platinum project.

In May 2017, Eurasia received approval for its reserves report and feasibility study from the Russian State Agency for Subsoil Use (Rosnedra) for the project.