Eurasia Mining’s subsidiary Eurasia Investments (EIL) will acquire the stake of partner Anglo American Platinum. RPM Cyprus is indirectly a wholly-owned subsidiary of Anglo American Platinum.
UAP is a joint venture created in August 2003 between RPM Cyprus and EIL.
With this acquisition, EIL will gain access to UAP’s platinum group metals (PGM) projects in Russia, including the 171km² license area at West Kytlim which is said to host production-ready platinum reserves.
Eurasia chairman Michael Martineau said: "Eurasia has been executing and funding a work programme on the Monchetundra and West Kytlim projects for a significant period of time."
"Our work has produced attractive assets which, particularly in the case of West Kytlim, are nearing production. It is therefore an excellent outcome for Eurasia that we should enter this next phase with double the original interest in the projects." Martineau said.
The deal is subject to South African exchange control approval.
