UK-based Eurasia Mining has obtained the mining licence for West Kytlim prospect in Russia.

Following the awarding of the licence for 21.5km², Eurasia expects to begin alluvial platinum mining in 2016.

Valid until 15 October 2040, the licence has been granted to Eurasia’s subsidiary company on the basis of first discovery.

Eurasia Mining managing director Christian Schaffalitzky said: "Formal award and receipt of the mining licence is a monumental step forward for Eurasia Mining and its shareholders.

"Eurasia expects to begin alluvial platinum mining in 2016."

"This moment has been achieved after tremendous perseverance and dedication by the Eurasia team and notably by our company representatives in Russia, in particular our Russian director Dmitry Suschov."

Alluvial platinum occurs as nuggets in sand and gravel river deposits at West Kytlim, and can be extracted by hydro-mechanical processes.

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By GlobalData

The company plans to begin development at the prospect with an initial diesel-powered operation.

A dragline operation would be introduced, with this subsequently phased at further sites.

The company estimates to operate the mine for a minimum of ten years and produce up to 5t of raw platinum.

The mining licence for the project was initially approved by Russia Prime Minister Dmitry Medvedev in July.