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Eurasia Mining PLC on Wednesday confirmed a two-year extension to its licence in the Arctic region. The London-based mining targets palladium, platinum, rhodium, iridium and gold. Back in July, Eurasia Mining said it was ‘committed’ to a possible sale of its Russian assets. According to Chair Christian Schaffalitzky, the licence extension will support the firm’s ‘Russia exit strategy’. Eurasia Mining shares traded up 2.4% higher at 4.30 pence on Wednesday afternoon in London. The stock has risen by 87% in the last 12 months. The licence will be valid until August 20, 2027, as opposed to its original expiry date last Wednesday. It is for the NKT brownfield mine, which used to produce nickel. It is classified as a tier-1 scale mine, meaning a low-cost, cornerstone asset. NKT’s net present value is estimated between $1.2 billion and $1.7 billion, with an 37% to 47% internal rate of return. ‘As a formerly producing mine, it is well served with the infrastructure that significantly reduces the total capex requirements and the lead-time to restart production,’ Eurasia Mining noted. According to benchmarking analysis cited by the company, a brownfield restart like NKT could have a lead time of one to two years. Eurasia Mining said an Arctic greenfield project of the same size could take more than 30 years to go into production. About two-thirds of NKT are defined as mineral reserves under Russian mining law, based on work carried out by Norilsk Nickel. Eurasia Mining said its Arctic subsidiary is testing samples from the area, to support a production permit application and upgraded resource status. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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