Eurasia Mining (LON:EUA) has made huge progress over the past year, thanks to a number of developments that look set to transform the company from a minor prospector to a significant player in the mining industry.
This time last year, on 9 July, Eurasia Mining came back to market from a six-month suspension, with many questioning its future. The management have proved doubters wrong, building the company over the past year to a market cap of about £730m (May 2021), a solid cash position of $23m, minimal debt and a clutch of hugely valuable assets.
The company is developing two key assets. One is the West Kytlim mine, which produces platinum group metals (PGM) and gold in the Ural Mountains, Russia, with a production target of 64,000 oz of palladium, platinum, iridium and rhodium. So far it has had one plant in operation but this year two more are coming on stream. Eurasia Mining's directors expect a significant increase in capacity and revenues, providing working capital for the group.
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