Eurasia Mining (LON: EUA) shares have rallied after it said the potential ‘credible' buyer for its proposed asset sale has completed its due diligence.
“We are advancing our development projects to production, increasing production on our operating mines adding value to Eurasia, while also focusing on other strategic options that are progressing well,” said James Nieuwenhuys, CEO and Managing Director of Eurasia.
The palladium, platinum, rhodium, iridium, and gold producing company received a bid from the buyer in May, and Eurasia has now been informed that it has successfully completed its due diligence.
However, on 30 September, the company said it is considering interest from other parties in its nickel-copper-platinum-group-metals assets.
“It is the Board's intention to advance several options with advice from UBS, DLA Piper and other advisers,” Eurasia said in an update to investors.
Christian Schaffalitzky, Executive Chairman of Eurasia, commented: “The Directors are delighted that we are advancing several transactions concurrently. We see competition for Nickel-Copper-PGM assets (with a similar basket of metals like ours and the assets included in our agreement with Rosgeo) increasing on a global scale”.
Eurasia Mining shares jumped to a high of 25p at the open. However, they have lost some of that initial momentum, currently trading around the 22.5p level, up 13.64%.
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