Eurasia Mining refutes speculation on Russia sanctions, share sales

Palladium, platinum, rhodium, iridium and gold producing company Eurasia Mining updated the market on Wednesday, amid apparent speculation that its staff had sold shares, and that it was somehow connected with sanctions being placed on Russia.

The AIM-traded firm said its fundamentals, “developed over years”, had not changed.

It said that, contrary to speculation, none of the its team members - being the largest shareholder group - had sold any shares in the company.

The board said it was “closely monitoring” the evolving sanctions being imposed by Western nations in response to Russia’s invasion and military assault on Ukraine.

It reiterated that “no individual or entity identified in the sanctions” was associated with the company in any way, adding that the sanctions did not prevent the company from executing on its announced merger and acquisition strategy.

“The board notes our focus on ‘BRICS’, in particular on Russia, China and South Africa, and Japan in terms of our merger and acquisition strategy,” said executive chairman Christian Schaffalitzky.

“More updates are to be provided in due course.”

BRICS as an acronym refers to the economies of Brazil, Russia, India, China and South Africa.

“The directors are grateful that the fundamentals of the company are recognised, including by HC Wainwright & Co initiating coverage on Eurasia by issuing independent research,” added chief executive officer and managing director James Nieuwenhuys.

“In these times of high volatility, the directors and the officers continue to stay calm and focused on their jobs in the best interests of the company and all shareholders.”

At 1309 GMT, shares in Eurasia Mining were up 12.04% at 8p.