GCIEurasia Mining says it is ‘closely monitoring’ Russia sanctions
(EUA ) said it is closely monitoring the evolving sanctions in Russia, reiterating that no individual or entity identified in the sanctions is associated with the group in any way.
In a Board statement, the platinum group metals (PGMs) and battery metals producing company highlighted that its fundamentals developed over years remain unchanged.
‘Contrary to speculations, none of Eurasia’s team members - being the largest shareholder group - has sold any shares in the Company,’ Eurasia’s Board outlined to investors today.
The Board has reiterated that ‘no individual or entity’ identified in the sanctions on Russia is associated with the company in any way, nor do these sanctions from many Western nations prevent the company from executing on its M&A strategy as previously announced, it noted.
Directors recently highlighted the fact that Eurasia had no bank accounts with Russian state-owned banks nor does it have any relationship with any Russian state-owned banks.
Shares in Eurasia Mining jumped 1.54% to 7.25p this morning following the announcement.
It noted that production from the operating mines is sold in the domestic market at prices with a market discount to the LME prices fixed in USD, while the costs are mainly fixed in Roubles, whereby a weakening Rouble exchange rate has a positive impact on its bottom line, it stated.
Commenting, Christian Schaffalitzky, Executive Chairman of Eurasia Mining told investors today: “The Board notes our focus on BRICS (in particular on Russia, China and South Africa) and Japan in terms of our M&A strategy. More updates are to be provided in due course”.
Also commenting on this morning’s statement, James Nieuwenhuys, CEO and MD of Eurasia said: “The Directors are grateful that the fundamentals of the Company are recognised including by H.C. Wainwright & Co initiating coverage on Eurasia by issuing independent research. In these times of high volatility, the Directors and the Officers continue to stay calm and focused on their jobs in the best interests of the Company and all shareholders”.
Earlier this month, Eurasia Mining announced the creation of a separate entity, Kola Mining, for its platinum interests (PGMs), thereby separating its PGMs from its core nickel interests.
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