Nittis-Kumuzhya-Travyanaya (‘NKT’) Deposit

Nickel mine relaunch within 1 km of Severonickel - the world’s largest nickel plantTier 1 scale deposit with JORC MRE containing;305kt Nickel, 143kt Copper and 57tons PGM and Gold

Tier-1 scale Nickel deposit with JORC MRE containing: 305Kt Nickel, 143Kt Copper, and 57 tonnes PGM and Gold (11.2Moz of Platinum equivalent) estimated by Wardell Armstrong International (WAI) as JORC-compliant resources for a step room and pillar mining operation, with nickel comprising half of the value in the metal basket on a Net Smelter Royalty basis. Significant drilling campaigns (total of 75.6km) focussed on base metals exploration were undertaken by predecessors Norilsk and Rosgeo.

About 2/3 of the resources have been defined as reserves under Russian classification by Norilsk Nickel.

The NKT nickel-copper-PGM ore used to be mined and shipped about 1 km distance to Severonickel, the world's largest nickel processing plant. Thus, the NKT area is well served with the infrastructure required for the relaunch of mining and processing. Tailings are planned to be used as backfill to the old NKT mine developed in the past following the best practices in ESG and saving on the tailing storage facility capital expenditure. Multiple options for the relaunch have been considered and several case studies have been analysed. A brownfield relaunch like NKT is generally a faster and simpler process than a greenfield mine launch.

Eurasia’s West Nittis deposit occurs at the south-west part of the NKT deposit. The current development program is based on extension of West Nittis type mineralisation throughout the NKT massif with treatment at the Monchetundra deposit plant. A full independent technical review, mine plan and mineral resource estimate was undertaken by WAI during 2021.


These economic calculations are based on the underground mining operation only, while the open pit part of the deposit is being optimised by Wardell Armstrong International.


Mining method Step Room and Pillar
Life of Mine 11 years
Total Mineral Resources (after dilution & losses) 93,422kt
Processing Bulk Sulphide Flotation
Smelter and transportation costs ($US/t conc.) 145
Total OPEX ($US/ton ore, includes UG ore mining cost, processing, G&A, Closure and Reclamation and Mineral extraction Tax) 25.11
Total Initial Project Capital Expenditure ($US’000, includes UG, processing and infrastructure CAPEX, EPCM and contingency) 613,206 ($US 6.56/t ore)
NPV @ discount rate of 8.33% ($US M)* 1,692
IRR (%) 47
Payback period on capital (years)  3

* Based on spot metal prices, November 2021.


The Mineral Resource Estimate (MRE) for the NKT Deposit is prepared in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves [JORC Code (2012)] by Wardell Armstrong International. Further details of the calculation methodology may be found in the Wardell Armstrong CPR.

About two thirds of the resources have been defined as reserves under the Russian classification, as estimated by Norilsk Nickel, however the drill core and the trenches have been analysed for base metals (Nickel and Copper) only, with PGM grades derived by regression formulas, thus limiting the classification to inferred under the JORC Code. PGM assaying and the subsequent data derived will allow re-estimation and re-classification providing additional upside for the NKT MRE.