Mining and mineral exploration company Eurasia Mining is in talks with potential parties for the sale of its assets in Russia.
The company said that talks were ongoing with counterparties in China and Russia.
However, it stressed that there is no certainty that it will sign binding agreements.
As of 30 November 2023, Eurasia had cash assets worth £520,000 ($654.243) and no holdings in US treasury notes. Its unsold concentrate inventory was valued at £3.5m.
The company claims to have enough operating cash on hand to cover its liabilities through the end of the first quarter of 2024 despite no capital expenditure for Russian assets.
Eurasia chairman Christian Schaffalitzky said: “We appreciate our shareholders’ support as we continue to pursue the possible sale of our Russian assets. Our main project at West Kytlim has seen no production of concentrate through 2023.
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“We have maintained the assets in a sale ready state. Currently, the company is not developing further mining assets. The board and senior executives remain hopeful of a successful conclusion to the sale of assets process and we look forward to updating our shareholders in this regard as appropriate.”
Eurasia Mining is a palladium, platinum, rhodium, iridium and gold producing company.
In Russia, the company owns the West Kytlim Mine in the Urals and the Monchetundra Project, which covers two predominantly palladium open-pit deposits located 3km from Severonickel.