“The signed agreement creates a significant potential for increasing the commercial contract base in prospecting and exploration for subsidiaries of RosGeo Northwest Division”, - commented Sergey Gorkov, Director General - Chairman of the Board of RosGeo.

“We look forward to working with Rosgeo, a global company with well-known proficient technical capabilities and the best partner we could have in Russia”, - said Christian Schaffalitzky, Executive Chairman of Eurasia Mining

“We are excited to significantly expand our portfolio by adding the underground deposits adjacent to our operating Monchetundra project and creating a unique field for mining of the platinum group metals”, emphasized James Nieuwenhuys, CEO and Managing Director of Eurasia

According to the Agreement Eurasia Mining in the framework of the pilot project acquires 75% equity stakes in a junior company incorporated within RosGeo for the amount of 0.5 mln. USD with an earn-out to be payable following the results of the reserves audit under the JORC Code and accomplishment of other conditions. In addition, Eurasia Mining receives a call option to acquire 25% from Rosgeo after completion of the reserves audit under the JORC Code.

Eurasia Mining will carry out operational management of the joint venture and the project. RosGeo will contribute to the joint project the gained experience and competence, including conduct of geological exploration and prospecting activities, and render the geological consulting services, which enable to ensure the high efficiency of the partner investments in the project.


Eurasia Mining (Eurasia Mining plc) is the palladium, platinum, rhodium, iridium and gold producing company, The Company supervises the deposit field Western Kytlym located in the Urals, it is also an operator of Monchetundra project that comprises two fields for open mining of palladium situated near Monchegorsk on the Kola Peninsula.

Rosgeo is a Russian multi-disciplinary geological holding that carries out a full range of services related to geological exploration: from regional surveys to parametric drilling and monitoring of subsoil conditions. The holding company boasts a unique expertise, particularly in marine geology and shelf operations. A total of more than 1,000 fields and deposits have been discovered by the holding’s companies, including major hydrocarbon and solid mineral deposits and fields. RosGeo is a fully state-owned company.