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Eurasia Mining PLC reported on Monday this week that its annual loss had widened and its assets and sales were down following the Russian invasion of Ukraine and supply chain interruptions hammering business. Eurasia Mining, the London-headquartered, Russia-focused mining and mineral exploration company, reported a widened pretax loss of £7.2 million in 2022 from £3.1 million in 2021.
The company said this loss was principally caused by its decision to stockpile the ore from West Kytlim, a mine located in the Russian Ural mountains, and not to generate revenue from Russia in 2022 due to its strong cash position.
Apart from the Ukraine conflict which hit the world hard in February, the entire industry has been disrupted by supply chain interruptions although this has, however, resulted in positive price changes for Eurasia Mining’s metals,’ said Managing Director and Chair Christian Schaffalitzsky.
Sales were down to £119,525 from £2.3 million, whilst administrative costs widened to £4.6 million from £2.7 million year-on-year.
Total assets were down to £25.3 million from £31.2 million the year prior.
Eurasia Mining said that it had ‘satisfied itself’ that its current activities at the West Kytlim mine and on the Kola Peninsula, in the extreme north-west Russia, were not prohibited under UK or EU sanction rules, and it therefore had to sell the West Kyltim mine product.