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Amur Minerals advances on approval of Russian development

Amur Minerals Corporation's shares surged Wednesday after the nickel-copper sulphide exploration company said the Russian government accepted a regional development plan in the country's Far East.

Amur Minerals Corporation's shares surged Wednesday after the nickel-copper sulphide exploration company said the Russian government accepted a regional development plan in the country's Far East.

The plan, which comprises the Kun Manie nickel project, includes an 11trn rouble investment in the region of which 3.9trn roubles will come from the federal government. The remainder will be derived from international and national investors.

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A total of 68% of the money has been earmarked for infrastructure, transport and energy projects.

Amur said the mining industry is an integral part of the programme and the company's Kun-Manie project has been included as a part of the long term development plan by the officials of Amur Oblast, a part of the Far East District.

"This is an encouraging decision made by the Russian government and we look forward to being a participant in the development programme of Far East Russia," said Chief Executive Officer Robin Young.

"This area has been seeking investors for some time and the programme demonstrates the governments' confidence in far eastern assets and solidifies its sincerity in attracting foreign investment."

He said the company has already invested more than $25m in the area over the past eight years.

RD

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