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For sale: platinum mine

Kitco News

Eurasia Mining said today it is putting itself up for sale.

The company produces palladium, platinum, rhodium, iridium and gold from its West Kytlim Mine in the Urals.

Included is Monchetundra, a fully permitted 2 million ounce palladium driven PGM project being developed towards production.

A financial advisor is helping the company assess offers.

"The board remains focused on maximising shareholder value, and, after receiving approaches from multiple parties interested in acquiring company's assets, has decided that launching a formal sale process under the takeover code is in the best interests of shareholders, which could result in a sale of assets or the company. The company will work with UBS and its other advisers to execute the process," said Christian Schaffalitzky, executive chairman of Eurasia.

In February, Eurasia Mining's shares were suspended on the news it may be sold to CITIC.

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