Saturday, August 19, 2017

Eurasia Mining to expand exploration at West Kytlim mine in Urals

International platinum and gold harvester Eurasia Mining announced on Monday that it will be expanding exploration operations at the West Kytlim mine in the Urals.

The Russian government approved Eurasia Mining's license for exploration rights last month after the company discovered new platinum reserves under one of two licenses it previously operated in Russia, IFA Magazine reports.

Eurasia Mining said mining operations at newly discovered reserves in West Kytlim will result in lower material costs for platinum producers worldwide.

"The project is now set to achieve the economies of scale we aimed for, and we look forward to further reserves increases to extend the life of the mine of the project further," Eurasia Mining Managing Director Christian Schaffalitzky said, according to IFA Magazine.

Share prices of Eurasia Mining rose 5.6 percent on the London stock exchange on Monday following the news of the company's expanded mining operations.