Eurasia Mining appoints new Strategic Advisor to Board, Mr Alexei Churakov
, international PGM and gold producer, announced on Monday the appointment of Mr. Alexei Churakov as Strategic Advisor to the Board of the company.
As a former senior investment banker to Goldman Sachs and Morgan Stanley, Mr Churakov has accumulated extensive experience in mining M&A, having liaised with top level contacts and major international and Russian mining and trading companies.
Specifically, Mr Churakov has acquired particular expertise across the mining sector, having been involved in multiple mining cross-border M&A transactions operating from Moscow, London and New York.
The company noted that recently Mr Churakov had lent his assistance to executing detailed due diligence and arranging multi-site visits by James Nieuwenhuys, CEO and Director of mining group, Lesego Platinum, to evaluate both the group’s Monchetundra and West Kytlim projects.
Additionally, the company explained that mining group, Lesego, is considering a potential partial acquisition of Eurasia’s subsidiaries and joint venture opportunities at the sites.
It was also further explained that should a deal progress there would be a potential opportunity for Mr Nieuwenhuys to hold a position on Eurasia’s board.
More specific to the West Kytlim mine site, Mr Churakov has assisted greatly with the development of operations at the site where, under his guidance, the team has designed an extensive project development programme with the objective of reaching a stable and sustainable growth.
Christian Schaffalitzky, Chairman at Eurasia, acknowledged Mr Churakov’s assistance at the site, commenting:
"We are grateful to Mr. Churakov for his contribution to developments at the West Kytlim mine, which as of next season will be operated without contactors, and on arranging the purchase of the enrichment plant.”
Similarly, Mr Churakov has also assisted in negotiations between Sinosteel and Eurasia’s subsidiary TGK, helping structure the EPCF contract to include a $50m subcontract in relation to the Monchetundra project that makes the project fully financed.
Mr Schaffalitzky said he was “delighted” for Mr Churakob to be taking role as Strategic Advisor stating that he will bring “both his extensive mining M&A experience along with his top level contacts with mining companies including South African Lesego Platinum.”
In exchange for his assistance and to ensure motivation is upheld without further dilution of Eurasia shareholders, Mr Churakov has received a 25.472% stake in Deloan Investments, a company beneficially owned and controlled by long-term Director Mr. Dmitry Suschov, a major shareholder of Eurasia.
Mr Schaffalitzky further added, “We now have a very well established team at site with the necessary skills and experience to ensure a successful operation through the rest of the 2019 season and to ensure timely commencement of mining in 2020 capturing 100% of the sales as opposed to 30-35% in previous years, that is especially important when the prices for PGM and gold have significantly increased."
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