(MENAFN- ProactiveInvestors)The CEO of Eurasia Mining (LON:EUA) Christian Schaffalitzky explains how a more streamlined licence application process in Russia has come at just the right time for the company. Earlier today Eurasia told investors that Prime Minister Dmitry Medvedev had approved an application for a mining licence for its West Kytlim project. The decision follows a similar approval for Amur Minerals (LON:AMC) last month. 'Gradually Russia is modernising a system which previously suited the Soviet system with a lot of centralised control to a one where they rely on private enterprise to develop the mineral resource in the country' said Schaffalitzky.
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