Eurasia Mining PLC awarded Central Kola Expedition a detailed project documentation contract on the Monchetundra palladium-platinum project in Russia, according to a March 26 release.
Central Kola delivered the project's feasibility study and ecology report and managed drilling and exploration programs at the site.
Central Kola is required to deliver a detailed project report within one year of the issue of a mining permit in November 2018. The report will be used as a guide for a more detailed feasibility study and a revised reserves statement,.
In October 2016, Eurasia's 80% subsidiary, Terskaya Gornaya Kompaniya, signed a US$176 million engineering, procurement and construction contract with Sinosteel Corp. over the project. Under the terms, Sinosteel will provide debt financing of US$149.6 million to cover 85% of the contract.
Sinosteel said it will work closely with Central Kola toward starting the EPC contract and the expected associated financing.
Eurasia said it expects a land survey on the Monchetundra proposed pits this spring and is evaluating adjacent deposits to possibly expand the project's total area.