Currently, energy supply agreements with regional suppliers are in the process of being negotiated by Eurasia and H4Energy, the company said, noting that electricity cost might be as low as USD 0.02 per kWh.
The company plans to export hydrogen to Europe and Asia as well as to use it for its own mining operations on the Kola peninsula.
The projects have received support on the Federal government level, and the company signed an agreement with State Far East and Arctic Development Corporation (ERDC) to assist with the procurement of land and energy supplies in relation to both the Kola and Sakhalin hydrogen/ammonia projects.
The company also plans to attract further financing from unspecified Asian investors.
Eurasia Mining PLC is palladium, platinum, rhodium, iridium, and gold mining company, listed on the Alternative Investment Market (AIM), with operations’ focus on Russia. It operates the established West Kytlim Mine in the Urals, and the Monchetundra Project on the Kola Peninsula, both in Russia.