Eurasia Mining PLC on Thursday said no terms have yet been agreed regarding the possible sale of Russian assets, which the company said it had prioritised.
Eurasia Mining shares fell 24% to 1.48 pence per share on Thursday morning in London.
The London-headquartered, mining and mineral exploration company, formerly focused on Russia, said active discussions are maintained with counterparties in Hong Kong and Russia.
The company added that cash assets as at November 30 were around £517,000, with it holding no US Treasury notes.
It added that it has enough working capital to meet ongoing obligations until the end of the first quarter of 2024.
The mine and all of West Kytlim’s infrastructure are being maintained in a sale ready state, with no production anticipated on site in 2024, which has been the case for all of 2023, Eurasia Mining said.
Chair Christian Schaffalitzky said: ‘We have maintained the assets in a sale ready state. Currently, the company is not developing further mining assets. The board and senior executives remain hopeful of a successful conclusion to the sale of assets process and we look forward to updating our shareholders in this regard as appropriate.’
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