Eurasia Mining PLC on Wednesday reported a narrowed annual loss as it boasted of the operational performance of its West Kytlim asset, which has seen output surge.

The Russia-focused mining and mineral exploration company reported a narrowed pretax loss of £3.1 million in 2021, from £3.7 million the previous year.

‘Operationally, the West Kytlim asset is performing well following a successful winter stripping programme and a subsequent increase in stripping capacity,’ said Chief Executive James Nieuwenhuys.

The project saw a doubling of mine production during the year and has plans for further expansions later this year, with conversion scheduled for the second half of this year.

‘As discussed in our operational reports the mine is expected to make the switch to hydro-generated grid power later this season and the use of electric draglines, both important developments for sustainable platinum group minerals and gold production through life of mine,’ Nieuwenhuys continued.

Elsewhere, at the company’s flagship Monchetundra project centred on battery metals and platinum group metals mine developments in Kola was further strengthened during the year, with the addition of new exploration licences granted exclusively to the company.

Looking forward, Eurasia Mining said it expects Kola to be a key area for future supplies of the critical metals.

Shares in Eurasia Mining were down 6.1% at 6.01 pence each on Wednesday morning in London.

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