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Eurasia Mining to buy out Anglo American Platinum's stake in JV

Reuters - UK Focus

June 20 (Reuters) - Eurasia Mining Plc, which operates gold and platinum group metals projects in Russia, said it would buy out partner Anglo American Platinum Ltd's stake in their platinum mining joint venture.

The miner said its unit Eurasia Investments Ltd (EIL) would buy the 50 percent 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 (LSE: EUA.L - news) said on Friday.

The UAP joint venture was started by RPM Cyprus and EIL in August 2003. (Reporting by Karen Rebelo in Bangalore; Editing by Savio D'Souza)