Eurasia Mining plc (LON:EUA) Managing Director Christian Schaffalitzky tells Proactive Investors that he can meet the terms of a new refining contract for its West Kytlim alluvial platinum project, producing 80 to 100 tonnes of platinum as the first phase of development. “It is not very difficult, we have been working for the last six weeks on setting up the mine and we should start production in the next few weeks, by mid-August” he says.

Schaffalitzky says that mine will eventually be a ten year project and that Eurasia is working with a local civil engineering group who will provide all the equipment and invest the development capital. “They do it at their cost, and Eurasia in return receives 30% of the revenue and the contractor receives 70%. Our job is to monitor the mining, make sure the reserves are mined correctly and to reconcile the production against the actual platinum produced” he says.