Eurasia Mining to buy out Amplats stake

Moscow - Eurasia Mining, which operates gold and platinum group metals projects in Russia, said it would buy out the stake of partner Anglo American Platinum [JSE:AMS] in their platinum mining joint venture.

The miner said its unit Eurasia Investments (EIL) would buy the 50% stake it does not already own in Urals Alluvial Platinum (UAP) from Rustenburg Platinum Mines (RPM Cyprus).

The agreement is conditional on RPM Cyprus and members of the Anglo American Platinum group getting approval from the South African exchange control, Eurasia Mining said on Friday.

The UAP joint venture was started by RPM Cyprus and EIL in August 2003.