Eurasia Mining has released an update on its strategy and progress in the hydrogen and ammonia industries.
Eurasia Mining, with the establishment of its office in Japan and the appointment of director Tamerlan Abdikeev, has recognized complementing potential in hydrogen and ammonia production to its platinum group metals (PGM) business in Russia.
The AIM-listed firm said that it has entered into a joint venture agreement with H4Energy Joint-Stock Company, an engineering and development company focused on hydrogen and ammonia projects, to develop hydrogen and ammonia projects in Kola and Sakhalin.
Additionally, an agreement was made with the State Far East and Arctic Development Corporation (ERDC) to assist with land acquisition and energy supply for the projects. Additionally, the joint venture partners are negotiating supply arrangements with regional energy suppliers.
The joint venture’s financial specifics are being withheld, but Eurasia Mining stated that a project funding plan is being established in response to ongoing discussions with Asian investors.
The Deputy Prime Minister of Russia has pledged support for the development of the projects.
