Eurasia Mining PLC (LON:EUA) said it has been granted a licence for the Monchetundra Flanks project in Russia by the regional licensing body, SevZapNedra.
The palladium, platinum, rhodium, iridium and gold producing company is the operator of the Monchetundra project, comprising two predominantly palladium open pit deposits close to the town of Monchegorsk on the Kola Peninsula. It also operates the established West Kytlim mine in the Urals.
"The directors are encouraged with the approval of Monchetundra Flanks license, an important milestone for the company,” Eurasia’s chairman Christian Schaffalitzky said in a statement.
“Further announcements will be made in due course," he added.