Eurasia Mining plc announce the Ministry of Natural Resources has approved its application for a mining permit at Monchetundra Mine in Russia.
The AIM-listed PGM and gold mining company said the mine permit application has now been delivered to the office of Prime Minister Dmitry Medvedev for final authorisation.
The company said the MNR approval was the final relevant Russian agency approval required for the mining permit application.
Eurasia Mining said the office of the Prime Minister will now make a final decision on whether to authorise and finally grant the mining permit, and there can at this point be no guarantee that the mining permit will be granted.
Christian Schaffalitzky, managing director of Eurasia Mining, said: “We are delighted to have now reached the final step in this process which commenced on submission of the mine permit application in December 2017.”
He added: “Our experience with the West Kytlim mine permit application is that this final approval can arrive without notice and soon after submission, in the case of West Kytlim in less than three weeks.”
In a note to clients, analysts at First Equity said: “Given the progress being made at Monchetundra, and evident economic viability of the project with the open pit location of the deposits and significant two million ounce palladium equivalent resource, existing cash flow production from West Kytlim, and unjustified country risk premium being applied to the shares by the market, we recommend Eurasia Mining as a ‘buy’”.
In morning trading, Eurasia Mining’s shares rose 1.2% to 0.41p.