Friday, November 24, 2017

Eurasia Mining to acquire 50 percent stake in Urals Alluvial Platinum

Eurasia Mining announced on Tuesday that it has entered into an agreement to gain full control of Urals Alluvial Platinum, purchasing 50 percent of the company from Rustenburg Platinum Mines Cyprus (RPM Cyprus).

Eurasia Mining subsidiary Eurasia Investments will purchase the 50 percent stake acquired from RPM Cyprus through a partnership with Anglo American Platinum, which is the mining company's parent company, Energy Business Review reports.

Urals Alluvial Platinum began in August 2003 as a partnership between RPM Cyprus and Eurasia Investments. The joint venture was granted access to several South African platinum fields contained within a 106 square mile stretch in West Kytlim.

"Our work has produced attractive assets which, particularly in the case of West Kytlim, are nearing production," Eurasia Mining Chairman Michael Martineau said, according to Energy Business Review. "It is therefore an excellent outcome for Eurasia that we should enter this next phase with double the original interest in the projects."

The deal must first clear the South African exchange before it is finalized.