Client NewsEurasia Mining Plc: Kola Subsidiaries’ New CEO Appointment
Eurasia Mining Plc (“Eurasia” or the “Company”), the palladium, platinum, rhodium, iridium and gold producing company, is pleased to announce an appointment of a new CEO of its Kola subsidiaries.
Konstantin Firstov, former Managing Director of Rosgeo has been appointed as CEO of Eurasia’s 100% subsidiary Yuksporskaya Mining Company / Yuksporskaya Gornaya Kompaniya (“YGK”) (for more details on YGK please see below).
Konstantin is an experienced mining engineer having also previously worked as the head of open pit mining at Achinsk, the largest operation of Rusal, a leading company in the global aluminium industry, producing metal with a low carbon footprint.
Konstantin has further been appointed an interim CEO (interim in the framework of the RNS released on 12 May 2021) of Eurasia’s 80% subsidiary Terskaya Mining Company / Terskaya Gornaya Kompaniya (that holds the Monchetundra license and the Monchetundra Flanks license).
As announced via RNS of 26 March 2021, Eurasia signed a binding agreement to create a joint venture with Rosgeo in which Eurasia will own a 75% equity stake in nine PGM and battery metals assets (four of which are post Russian Feasibility Study with state approved reserves) with a total of 104.6Moz of Platinum equivalent Russian Code reserves and resources in the immediate vicinity of the Company’s Monchetundra Project in the Kola Peninsula.
As further announced on 15 June 2021, Monchegorskoe LLC was created to hold the licence for the Nyud open pit PGM and battery metals deposit (“Nyud”). Eurasia’s 100% YGK has signed a notarised agreement with Rosgeo Group company pursuant to which YGK will become a 75% shareholder in Monchegorskoe LLC after the licence for Nyud is transferred from Rosgeo to Monchegorskoe LLC. Eurasia, through YGK, will also have a right to acquire Rosego’s 25% shareholding in Monchegorskoe LLC upon the completion of a JORC Code compliant competent persons report on Nyud.
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