Eurasia Mining

What Eurasia Mining does

Eurasia Mining PLC is a UK-incorporated, AIM-listed mineral exploration and mining company (ticker EUA:LON) founded in 1996. The company operates a portfolio of three PGM and battery metals projects in Russia: West Kytlim, an industrial-scale alluvial PGM and gold mine in the Urals Mountains in production since 2018 with a license valid until 2040; Monchetundra, a fully permitted nickel-copper-PGM open-pit complex on the Kola Peninsula adjacent to Severonickel; and NKT, a tier-1 underground nickel-copper-PGM project with a JORC Mineral Resource Estimate of 305Kt nickel, 143Kt copper, and 57 tonnes PGM/gold (11.2Moz Pt-eq). Eurasia also holds a Discovery Certificate for Monchetundra's 1.9Moz palladium-equivalent Reserves and Resources and reports ESG credentials including hydro-derived electricity use and inclusion in the L&G Future World UK Index.

The company's core technology centers on low-cost alluvial soft-rock PGM mining using gravity separation, electric dragline equipment, and modular processing infrastructure. Underground operations at NKT are designed around step room and pillar methods with bulk sulphide flotation and backfill of old mine workings using tailings. Projects are positioned to leverage proximity to Severonickel, the world's largest nickel-copper-PGM processing plant, eliminating standalone processing capex. Eurasia generates revenue through direct concentrate sales to refiners and offtake partners under commodity-market pricing, and historically through joint venture partnerships (notably with Rosgeo for battery metals consolidation) and equity raises.

Since 2020, the strategic posture has shifted decisively toward divestiture: the company has appointed UBS, VTB Capital, and CITIC Group to review strategic options, received non-binding takeover offers, and in December 2025 announced an agreement to divest West Kytlim. The current operating model is effectively that of a corporate shell in active wind-down of Russian assets, with the parent company headquartered in London and operations support offices in Russia.

Name

Eurasia Mining

Legal name

Eurasia Mining PLC

Website

https://eurasiamining.co.uk

Company type

Public

Founded year

1996

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Eurasia Mining PLC is a UK-listed (AIM: EUA) mineral exploration company operating PGM, gold, and battery metals projects in Russia, including the producing West Kytlim mine and development-stage Monchetundra and NKT assets, currently pursuing divestiture of its Russian operations.

Ownership category

akta.pro rank

Product category

Mineral Exploration and Mining

NAICS

Copper, Nickel, Lead, and Zinc Mining (212230), Gold Ore and Silver Ore Mining (21222), Other Metal Ore Mining (21229)

SIC

Metal Mining (1000), Gold And Silver Ores (1040)

akta.pro primary industry

Exploration & Resource Development (Critical Minerals) (IMAKAFAL)

Keywords

• PGM mining operations
• Mineral exploration services
• Alluvial gold mining
• Nickel copper PGM production
• Battery metals extraction

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Marketing or Sales, Others

Revenue model

1. Mining Production Revenue: Revenue from mining and selling platinum group metals (PGM) concentrates and refined products including palladium, platinum, rhodium, iridium, gold, nickel, and copper from Russian operations.
2. Asset Divestiture: Strategic sales of Russian mining assets. Company has been focused on selling its assets in Russia while maintaining corporate governance principles. Engaged financial advisors including UBS for strategic options including asset sales or company sale.
3. Joint Venture Revenue: Joint venture partnerships with strategic operators and local partners. Operations funded from company's own mining revenues, equity funds and funded joint venture agreements.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels6 records

Core offering

Eurasia Mining PLC is a mineral exploration and mining company that produces and sells platinum group metal (palladium, platinum, rhodium, iridium) and gold concentrates from three Russian projects: the Monchetundra nickel-palladium open pit complex on the Kola Peninsula, the West Kytlim alluvial PGM and gold mine in the Urals, and the NKT underground nickel-copper-PGM deposit. The company sells concentrates to refiners and offtake partners under B2B commodity contracts, funded by mine revenues, equity, and joint ventures.

Product overview

Eurasia Mining PLC is an international mining and mineral exploration company listed on AIM (Alternative Investment Market) focused on Russia. The company operates a portfolio of three mining projects: the Monchetundra Project (Kola Battery Metals and PGM) - a nickel and palladium-driven complex of open pit deposits on the Kola Peninsula; the West Kytlim Mine - a surface alluvial PGM and gold mine in the Urals Mountains; and the Nittis-Kumuzhya-Travyanaya (NKT) Project - a tier-1 scale underground nickel-copper-PGM deposit. The company does not offer software products, technology platforms, or AI-powered solutions. Operations are funded from mining revenues, equity funds, and joint venture agreements.

Differentiator

Problem solved

Functional benefit

Products and services

• Monchetundra Project (Kola Battery Metals and PGM) Fully permitted nickel and palladium-driven complex of open pit deposits on the Kola Peninsula adjacent to Severonickel, the world's largest nickel-copper-PGM processing plant, targeting 1Moz Pd eq production with AISC in the first quartile of the cost curve; sells PGM, nickel, and copper products to refiners and offtake partners.
• West Kytlim Mine World's largest soft-rock PGM and gold alluvial mine located in the Ural Mountains, producing platinum, palladium, iridium, rhodium and gold concentrates with hydro-derived electricity, electric dragline equipment, and simple modular processing; delivers concentrates at greater than 60% platinum content per refining contract terms.
• Nittis-Kumuzhya-Travyanaya (NKT) Project Tier-1 scale underground nickel-copper-PGM deposit on the Kola Peninsula within 1km of Severonickel, featuring step room and pillar underground mining with bulk sulphide flotation and an 11-year life of mine, with a US$1.69 billion NPV at 8.33% discount rate and 47% IRR; targets nickel, copper, PGM, and gold production.

Quantifiable outcome

• Maiden Reserves Approval 2016 for 1.9Moz palladium equivalent
• +4 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• SinosteelcoreStrategic or Co-development Partner · 13 August 2019Sinosteel signed EPC (Engineering, Procurement, Construction) turnkey contract for Monchetundra project development. This is the primary construction partner for the flagship Monchetundra nickel-copper-PGM project on the Kola Peninsula.
• SeveronickelcoreStrategic or Co-development PartnerSeveronickel is the world's largest nickel-copper-PGM processing plant, located adjacent to the Monchetundra project. The proximity provides ideal infrastructure for ore processing.
• TechstroyminorChannel Partner/ Reseller/ DistributorContractor engaged for Kluchiki open pit mining at West Kytlim. Subsidiary Kosvinsky Kamen agreed with Techstroy to progress second mine development.
• UralmetmashminorChannel Partner/ Reseller/ DistributorRussian contractor engaged for mining of platinum group metals and gold at West Kytlim mine. Contract allowed mining operations to commence with first concentrate expected in April.
• Central Kola ExpeditionminorImplementation/ SI/ Consulting PartnerAwarded detailed project documentation contract for Monchetundra project. Previously successfully developed the Monchetundra feasibility study and ecology report.
• GoldMintminorStrategic or Co-development PartnerBlockchain collaboration for potential financing of exploration and mining projects. Where Eurasia identifies potential projects, it can collaborate with GoldMint on financing arrangements.
• Metal TigerminorStrategic or Co-development PartnerPartner with Eurasia on Semenovsky tailings project. Joint work on optimization plan including cyanide and recovery testing and reserves report.
• Alexei ChurakovminorImplementation/ SI/ Consulting PartnerRussian M&A mining specialist appointed as strategic advisor to assist with asset sales and navigate Russian mining sector. Over 10 years of advisory experience with Eurasia.
• RosgeocoreStrategic or Co-development PartnerJoint venture partner for NKT project consolidation. US$20 million placing completed to finance joint venture with Rosgeo for platinum and battery metals consolidation in Russia.

Scale indicators14 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Nornickel (Norilsk Nickel): World's largest producer of refined nickel and a major producer of platinum group metals and copper. Direct peer given overlapping Russian nickel-copper-PGM operations, including ore sourcing adjacent to Severonickel facilities referenced in Eurasia Mining's strategy.
• Polymetal International: Precious metals miner with primary operations in Russia and Kazakhstan producing gold, silver and PGMs. Direct peer because of comparable Russian-focused mining footprint, London listing and exposure to similar commodity/regulatory dynamics.
• Sibanye-Stillwater: Major global PGM and gold producer with operations in South Africa and the United States (Stillwater). Comparable across commodity mix (PGMs and gold) and as a multi-asset precious metals miner with similar cost-driven positioning.
• Anglo American Platinum (Amplats): World's largest primary producer of platinum group metals, headquartered in South Africa. Directly comparable on PGM-focused production, cost curve positioning and exposure to autocatalyst/industrial PGM demand.
• Impala Platinum (Implats): Second-largest South African PGM producer with integrated mining and processing operations. Direct peer in PGM cost curve competition and autocatalyst-driven revenue model.

Emerging players

• Platinum Group Metals Ltd: Canadian-listed PGM exploration and development company focused on the Bushveld Complex in South Africa. Comparable peer as a smaller PGM-focused developer with similar project-stage economics and capital-intensive development profile.

Regional players

• PJSC Polyus: Russia's largest gold producer, also operating from the same Moscow/regional mining ecosystem. Comparable on Russian mining regulatory exposure, workforce and operational infrastructure though primarily gold rather than PGM focused.

Broad incumbents

• Pan American Silver: Major established precious metals miner producing silver and gold across the Americas. Comparable as a senior precious metals producer in the same broad commodity category (with PGM adjacency) and as a London/Senior-listed benchmark for evaluating smaller precious-equity peers.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/watch?v=SNdI44XwHBI
• Xx.com/eurasiamining
• LinkedInlinkedin.com/company/eurasia-mining-plc

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries1 record

Funding overview

Funding rounds3 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Eurasia Mining