Shares in Eurasia Mining (EUA ) jumped by over 30% on Friday morning as the firm reiterated that it expects no impact on its operations from UK, EU and US sanctions imposed on Russia.
The miner, which has operations in Russia producing palladium, platinum, rhodium, iridium and gold has shed around 50% in value over the past two weeks amid escalating hostilities.
Today, Eurasia Mining reiterated to investors that ‘no individual or entity’ identified in the sanctions imposed by the UK, EU and US, is associated with the company in any way.
The Directors also highlighted that Eurasia has no bank accounts with Russian state-owned banks nor does the Company have any relationship with any Russian state-owned banks.
Eurasia’s production from the operating mines is sold in the domestic market at prices with a market discount to the LME prices fixed in USD, while the costs are mainly fixed in Roubles, whereby a weakening Rouble exchange rate has a positive impact on its bottom line, it stated.
It added that the Sanctions do not prevent it from executing on its strategy as announced.
Earlier this month, Eurasia Mining announced the creation of a separate entity, Kola Mining, for its platinum interests (PGMs), thereby separating its PGMs from its core nickel interests.
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