TIDMEUA
Eurasia Mining PLC
14 January 2022
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14 January 2022
Eurasia Mining Plc
Kola Nickel Incorporation
Eurasia Mining Plc ("Eurasia" or the "Company"), the palladium,
platinum, rhodium, iridium and gold producing company, is pleased
to announce that Eurasia has incorporated a 100% beneficially owned
subsidiary, Kola Nickel LLC, following the Tier-1 Scale JORC
Mineral Resource Estimate produced by Wardell Armstrong
International ("WAI") at NKT, a nickel mine formerly operated by
Norilsk Nickel (as announced via RNS on 16 December 2021).
Highlights:
-- Nickel is now the main metal in Eurasia's basket of metals
(on a Net Smelter Royalty basis) following the JORC Mineral
Resource Estimate produced by Wardell Armstrong International at
NKT. Work is being finalised on the high-grade veins part and the
open pit part of NKT, as well as on the assaying to upgrade the
resource to be separately announced in due course (please refer to
RNS dated 16 December 2021).
-- Kola Nickel LLC was incorporated as Eurasia's 100%
beneficially owned subsidiary in order to carve out all the nickel
assets of Eurasia into one subsidiary company.
-- Similar to NKT, Nyud's main metal is also nickel. Nyud is
included in the agreement with Rosgeo (for more information on Nyud
please refer the last bullet point below and RNS of 26 August
2021).
-- Wardell Armstrong International was engaged by Eurasia to
produce JORC Mineral Resource Estimate at Nyud, as well as a CPR
and net present value model. The results of this engagement is
almost complete and will be announced separately.
-- Like NKT, Nyud is a nickel open pit mine previously operated
by Norilsk Nickel. A trial open pit was developed at Nyud by
Norilsk Nickel and nickel dominant ore was shipped directly to
Severonickel, the world's largest nickel processing plant. Similar
to NKT, the Nyud area is well served with the infrastructure
required for the relaunch of mining and processing and the tailings
will be used as backfill for the old NKT mine developed in the
past, following the best practices in ESG and saving on the
tailings storage facility capital expenditure.
Christian Schaffalitzky, Executive Chairman of Eurasia
commented: " The Directors are focused on further prioritising
nickel as Eurasia's main metal, while we consolidate formerly
operating nickel mines in one subsidiary company. We continue to
observe significant interest in nickel dominant mines, especially
in the ones closer to production like formerly operating NKT and
Nyud brownfields relaunch ".
James Nieuwenhuys, CEO and Managing Director of Eurasia
commented: "The Board members are looking forward to finalising the
consolidation of formerly operating nickel mines on the Kola
Peninsula. Splitting our nickel, PGM and hydrogen projects into
separate subsidiary companies allows us to execute on our strategy
as announced".
Glossary
"Tier 1 Scale" means deposits that are "company making". They
are large, long life and low cost. Using long run commodity prices,
they generate >$300-600 million per annum of revenue and are in
the bottom quartile of the cost curve. They have very robust
economics and will be developed irrespective of the current
business cycle and whether the deposit has been fully drilled out
for resource and reserves purposes. It is expected that the
economics of the deposit will achieve a >12% internal rate of
return after-tax.
A copy of this announcement is also available on Eurasia's
website at:
https://www.eurasiamining.co.uk/investors/news-announcements.
For further information, please contact:
Eurasia Mining Plc +44 (0) 20 7932 0418
Christian Schaffalitzky / Keith Byrne
SP Angel (Nominated Advisor and Joint Broker)
Ewan Leggat / David Hignell / Adam Cowl +44 (0) 20 3470 0470
Optiva Securities (Joint Broker)
Christian Dennis +44 (0) 20 3137 1902
About Eurasia Mining Plc
Eurasia Mining plc is a PGM and battery metals producing
company, operating the established West Kytlim Mine in the Urals,
and also being the operator of the Monchetundra Project comprising
two predominantly palladium open pit deposits located 3km away from
Severonickel, one of Norilsk Nickel's largest base metals and PGM
processing facilities, near the town of Monchegorsk on the Kola
Peninsula.
Eurasia's project portfolio also includes
Nittis-Kumuzhya-Travyanaya (NKT), Tier-1 scale Nickel mine formerly
operated by Norilsk Nickel.
A parallel business development strategy based on the Hydrogen
Economy forms a new development arm of the Company.
About Wardell Armstrong International
Wardell Armstrong International is a multidisciplinary
Environmental, Engineering and Mining consultancy operating in the
UK and internationally helping clients get the best possible
financial returns - while doing things in a sustainable,
responsible way, continually improving environmental performance in
own activities and in the advice to the clients.
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END
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January 14, 2022 08:11 ET (13:11 GMT)
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