International mineral exploration company Eurasia has secured approval from the State Reserves Commission for expanded multi-site reserves at its West Kytlim licence at the Ural mountains in Russia.
West Kytlim is said to be one of two licences the company operates in Russia.
Go deeper with GlobalData
The platinum group metals and gold exploration and development company noted that the increased reserves at the site would be enough to sustain production from multiple sites, rather than as single site operation, which was originally planned.
The reserves were approved based on a Russian standards compliant report in September.
Detailed technical substantiation of the project has been provided in the report, which also demonstrated the possibility to develop a multiple production site operation within the Tylai Kosvinsky Placer’s discovery area.
See Also:
For mining, the company is seeking the application for a discovery certificate, followed by the application for an enlarged mining licence.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe company expects to have all regulatory approvals completed by the mid year.
Eurasia noted that that on 26 February, the Russian State Duma adopted the first reading amendments to the Subsoil Law, which will not include alluvial deposits and occurrences of platinum group metals in the list of strategic minerals.
This amendment is expected to shorten the time required for the final permitting of the West Kytlim project.
Eurasia focuses on developing platinum group metals mining projects in Russia and the Former Soviet Union.
Eurasia managing director Christian Schaffalitzky said the company will be ready to plan platinum production for Eurasia later in the year.
"We also welcome the decision of the Russian Duma, which should simplify the procedures to advance our project to mining," Schaffalitzky said.
.gif)
