Eurasia Mining rises on reserves and resources update

Eurasia Mining shares rose following an update on its reserves and resources on Tuesday, as it continued the process to sell “substantially all” of its assets to an unnamed buyer.

The AIM-traded firm reported copper reserves of 292,714 tonnes of contained metal, and resources of 1,807.049 tonnes.

It said its nickel reserves and resources totalled 288,485 tonnes and 1,858,875 tonnes, respectively, while cobalt came in at 12,947 tonnes of reserves and 114,925 tonnes of resources.

Palladium reserves totalled 148 tonnes and resources were 1,080 tonnes, and platinum reserves and resources were 46 tonnes and 276 tonnes, respectively.

Silver reserves totalled 68 tonnes and gold reserves were eight tonnes, while the resources for those two metals were 394 tonnes and 76 tonnes.

Eurasia Mining received a proposal from a “credible party” for the sale of its assets in May 2021, with the buyer completing its due diligence by October last year.

In October, the company said it was considering additional interest from other parties, telling shareholders it intended to advance “several options” with advice from its advisors.

“The directors are pleased to update shareholders on our reserves and resources, as we continue to make good progress in relation to the potential sale, for which a separate update will be provided,” said executive chairman Christian Schaffalitzky.

At 1030 GMT, shares in Eurasia Mining were up 5.88% at 21.7p.