The world's largest platinum producer Anglo Platinum is to provide funding for mining exploration in Russia.

Exploration cost funding of $2 million will be handed to London-listed firm Eurasia Mining, as it attempts to develop three deposits of platinum in the Kola peninsula, north-west Russia.

That is just one part of a $10 million deal that will see Anglo earn 40 per cent interest on the three sites.

"Most of the platinum in the world comes from two places: the Bushveld (in South Africa), which dominates the industry, and Norilsk, where it's a by-product from a base metal operation," Christian Schaffalitzky, the managing director of Eurasia, told Reuters.

"Outside of those two areas, identified projects that look attractive for platinum are fairly thin on the ground. We believe that in our Kola projects, we've got three very good ones."

Eurasia will also start mining another deposit located in the Ural mountains in the summer of 2007.

Ÿ Adfero Ltd