Eurasia Mining shuffles management team to focus on sale

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Eurasia Mining PLC (LON:EUA), the Russia-focused Platinum miner, has reshuffled its executive team with non-executive director James Nieuwenhuys to become its new chief executive.

Christian Schaffalitzky remains as executive chairman while Dmitry Suschov steps down from the board to become chief M&A officer.

Nieuwenhuys has previously been CEO South Africa’s Lesego Platinum and was COO at Polyus Gold, Russian largest gold producer and has many contacts among PGM producers in Russia, China and South Africa, said Eurasia.

Eurasia has put itself up for sale and has a success-fee arrangement with Chinese group CITIC and in July appointed UBS to carry out a review of its strategic options.

In a statement, Christian Schaffalitzky said: “This reorganization is designed to optimise our execution team. Since joining Eurasia in November 2019 after completing due diligence on behalf of a potential buyer, James has got detailed knowledge of Eurasia’s assets and he is of immense help both in terms of the sale process and in terms of demonstrating to the interested parties the strength of our own management team and its capacity to execute..”

Nieuwenhuys added: “In my new capacity as CEO and Executive Director I will continue to work with our advisers on the sale process of the company and its world-class assets, Monchetundra and West Kytlim.”

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