UK-based platinum production and gold exploration company Eurasia has secured a discovery certificate for its Russian-based Monchetundra project's 1.9 million ounce palladium equivalent global reserves and resources.

The development comes after the company applied for a discovery certificate last month.

Eurasia now holds exclusive rights to apply for and receive a mining licence for extraction of the resources.

The project comprises Russian standard C1 and C2 categories of 55.9t palladium equivalent at two possible open-pit locations, West Nittis and Loipishnune, which contains base metals, including 2t of gold, 28,124t of copper and 30,410t of nickel. An application for mining licence is expected to be filed soon.

Eurasia noted that development of Monchetundra project will be performed using a similar model to that implemented at its West Kytlim mine. 

"The total in-situ metal value of these reserves and resources is estimated to be $1.7bn."

The company is engaged in advanced stage negotiations with refineries in connection with concentrates produced from Monchetundra. 

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The total in-situ metal value of these reserves and resources is estimated to be $1.7bn. 

Meanwhile, production at the company’s operating alluvial platinum mine, West Kytlim, in the Ural Mountains, has started from two units. 

Commissioned by Eurasia's operating contractor, a larger washplant is now in production in parallel with the company’s own smaller washplant.