Eurasia Mining* (#EUA LN) 13p, Mkt Cap £350m – Trading in shares resumes Trading in Eurasia Mining shares was resumed on the AIM market this morning. The stock jumped more than 90% on the opening from the pre-suspension levels. The Company has earlier appointed UBS as its leading adviser to assist in a review of its strategic options. This complements the agreement the Company has with CITIC Merchant bank and it continues to work with VTB Capital. *SP Angel acts as nomad and broker to Eurasia Mining
Eurasia Mining Plc (EUA.L) Announced restoration to trading of the company's ordinary shares on the AIM market and the launch of a formal sale process under the UK Takeover Code. The company confirms that it has entered into a success fee-based engagement letter with CITIC Merchant to, amongst other things, explore possible strategic options for the company's mining assets. #EUA
RNS Number: 4583 S Eurasia Mining PLC 09 July 2020 9 July 2020. restoration of trading on aim. Eurasia Mining plc, the palladium, platinum, rhodium, iridium and gold producing company, operating the established West Kytlim Mine in the Urals, and also the operator of the Monchetundra Project comprising two predominantly palladium open pit deposits located 3 km away...
Eurasia Mining* (#EUA LN) Suspended – Launch formal sale process under UK Takeover code Annual report highlights structural deficit in palladium market Eurasia Mining report the company has appointed UBS to run a formal sale process under the UK Takeover Code in order to maximise value to its shareholders. Eurasia Mining also report strong fundamentals in the palladium market supported by a worsening structural deficit. This is supported by mine closures at the major South African underground mines due to the Coronavirus. While demand for autocatalysts will have temporarily fallen the early opening of auto manufacturers and new demand particularly in China for gasoline vehicles appears to be driving palladium prices yet higher. The South African miners are now said to be seeing increasing demand from China for palladium at pre-pandemic levels. Palladium prices have recovered to $1,936/oz and are higher than the US$1,920/oz price seen at end December 2019. Eurasia is moving to build platinum group metal production ‘PGM’ with through direct employment of operators using its own machinery. Management are also working on accelerating the permitting of the mine areas in Russia and look forward to receiving additional licenses as production expands. Eurasia Mining report sales of £1.13m to end December 2019 vs £2.57m for 2018 Costs fell to £1.08m resulting in a modest £0.047m gross profit. Administrative costs reduced to £1m40m from £1.61m a year earlier. A net foreign exchange gain of £0.56m reduced the net loss to £0.85m for the year vs a loss of £3.2m a year earlier. Eurasia has hard rock and alluvial PGM deposits in the Urals. The group is looking to expand its modest production of pgm feedstock. *SP Angel act as Nomad and broker to Eurasia Mining
RNS Number: 7033 R Eurasia Mining PLC 01 July 2020 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.. THIS IS AN ANNOUNCEMENT UNDER RULE 2.4 OF THE CITY CODE ON TAKEOVERS AND MERGERS AND IS NOT AN...
RNS Number: 6229 R Eurasia Mining PLC 01 July 2020 Dissemination of a Regulatory Announcement that contains inside information according to REGULATION No 596/ 2014.. For the year ended 31 December 2019. Eurasia Mining plc, the palladium, platinum, rhodium, iridium and gold producing company, operating the established West Kytlim Mine in the Urals, and also the...
Eurasia Mining* (#EUA LN) SUSPENDED – Corporate and Board update Eurasia Mining have today appointed SP Angel as its nominated adviser and joint broker. Iain Rawlinson will be joining the Company as a Non-Executive Director. Iain brings a wealth of experience to the Group having previously worked as corporate financier starting his career in investment banking with Lazard and Robert Fleming and later held a number of senior independent board appointments in the corporate sector. Iain advised on a wide range of mining sector M&A transactions in South Africa and London and was one of the former partners of Fleming Family & Partners, leading the listing of Highland Gold in 2002. Separately, the Company reports that its shares remain suspended pending clarification over the status of talks with CITIC regarding strategic options for the Company current mining assets. The Company will provide further update as appropriate. *SP Angel act as Nomad and Broker to Eurasia Mining
RNS Number: 0028 O Eurasia Mining PLC 27 May 2020 EURASIA MINING PLC. APPOINTMENT OF NOMINATED ADVISER AND JOINT BROKER. He has a law degree from Cambridge University, is a qualified barrister, and is also an experienced corporate financier having started his career in investment banking with Lazard and Robert Fleming.
RNS Number: 5713 L Eurasia Mining PLC 30 April 2020. Further to the announcement of 9 April 2020 the Company confirms that WH Ireland has now ceased to act as Nomad and Joint Broker for the Company with immediate effect.. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
Eurasia Mining (EUA LN) SUSPENDED – Operations and corporate update The Company provided a general operations on its West Kytlim and Monchetubdra PGM assets as well as a corporate update this morning. The Company remains in discussions with CITIC Merchant Co, a subsidiary of the Citic Group, regarding possible strategic options as well as potential buyers. The management assessed the impact of COVID-19 on the business and believes operations are unlikely to be affected. The Company has £0.6m in cash at the moment and access to an unused credit line of $1m (available until Aug/20, 9% interest and repayable in five years after the drawdown). The cash balance already accounted for capital expenditures incurred at West Kytlim for a new wash plant, mining equipment and other items acquired at the end of last year and the start of this year. The team expects available cash balances and proceeds from West Kytlim to allow for the Company to operate without using the $1m credit line over next 12 months even if there are interruptions in production. In terms of new equipment, as part of the Leasing-Trade In agreement, two new excavators arrived on site with another one awaiting shipment, a 30t bulldozer was delivered on site in mid-March with additional 4 20t haul trucks expected to arrive in April ahead of the start of the production season (April/May to November). The Company is working on a feasibility study for the West Kytlim project that would include the entire mining license area upgrading available resources to mineable categories that would allow to ramp up production levels. Russia rouble latest depreciation against the US$ with the exchange rate going from ~60RUB to current ~75RUB is benefiting West Kytlim operations as well as Monchetundra project economics. The Company is awaiting a formal issued of the license for the Tipil area located to the west of the West Kytlim Flanks. The area is prospective for further discoveries of PGMs supported by historical exploration and its location next to the Ust-Tylai area of the current mining license. Monchetundra Flanks license application has been approved by the last remaining federal body, the Federal Security Service (FSB), and is expected to be issued by Sevzapnedra in due course. The Company is expecting to announce further proposed board changes, including new appointments, shortly. The Company received a resignation notice from its Nomad and Joint Broker WH Ireland which is due to expire on 30 April. Trading in shares will remain suspended if the Company does not find a new Nomad by 7am on 30 April 2020 and will be cancelled should the Company not appoint a new Nomad by 7am on 29 May 2020. The Board believes that the new Nomad will be appointed before the notice period expires. Conclusion: The Company remains in discussions with various parties over a potential strategic transaction while putting in lace contingency plans to safeguard operations from the COVID-19 outbreak. Alluvial mining operations at West Kytlim are expected to start as normal as the beginning of the season comes closed while the management is looking to add to mineable reserves ahead of the ramp up of production run rates. Monechtundra Flanks license is expected to be secured shortly that potentially significantly expands the scale of the project. The management decided to delay some of its capital investments during the period leaving a cash buffer on top of available credit facility. #EUA
Eurasia Mining Plc #EUA announced that its conversations with CITIC to date have been with CITIC Merchant Co. Limited ('CITIC Merchant'), the merchant banking arm of the CITIC Group Corporate Limited. The Company confirmed that it has no debt, and that it maintains an unused credit line (the "Credit Line") of $1 million from its largest shareholder put in place in June 2018 and its current cash position is approximately £0.6 million. The company has assessed the impact of covid-19 on the business, and has decided to be prudent and will aim to maintain its cash position of £0.6 million which, along with existing operations, should allow eurasia to continue to trade without using the credit line for at least 12 months, even if there are interruptions in production. Also, the company announced that it is in advanced discussions with a new Nominated Adviser ("Nomad") and Broker. WH Ireland has given notice to resign as Nomad and Joint Broker and the notice period is due to expire on 30 April 2020. WH Ireland will be working with the Company to ensure a smooth transition to the new Nomad.
This Company's discussions on its projects have continued with potential buyers at and after the global mining conferences of Indaba and PDAC, and following the temporary closure of the PGM mining industry in South Africa which has the capacity to produce 70-80% of global platinum and 40-50% of global palladium supply. The restart for some South African PGM...
The consideration for the exercise of the Warrant Shares amounts, in aggregate, to a cash value of £225,001. In addition, the Company announces it has received a notice to exercise 9,000,000 options in the share capital of the Company, being 8,000,000 options at an exercise price of 0.90 pence per share, and 1,000,000 options at an exercise price of 0.42 pence per...
RNS Number: 6696 C Eurasia Mining PLC 11 February 2020 Eurasia Mining plc. The Company confirms that, following social media speculation, trading in its ordinary shares has been suspended pending clarification of its relationship with CITIC. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.
Eurasia Mining Plc is a profitable company, the world’s largest alluvial PGM (palladium, platinum, iridium and rhodium) and gold producer with its cash costs on the very bottom of the global cost curve. Eurasia has been in production since 2016 on its alluvial PGM and gold deposit, running 2 open pit mines there. On its second bedrock palladium deposit close to the borders of Finland and Norway, Eurasia has now received a final production permit. Land works are already underway at the project which is fully funded via an EPCF contract with Sinosteel, one of the largest state companies in China. According to recent research by Optiva Securities, once this second project is in production, Eurasia’s EBITDA will reach $75m under conservative palladium price assumptions. The current market cap is below $20m.