Advertisement

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.

Advertisement - Article continues below

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

Advertisement
Advertisement

Recommended

Visit/investments/investment-strategy/601044/broker-safety-your-questions-answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
Visit/investments/investment-strategy/600861/how-demographics-affects-stock-valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Visit/investments/stocks-and-shares/600863/sirius-minerals-anglo-american-takeover
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Visit/investments/stockmarkets/600634/why-investors-should-be-cautiously-bullish-for-2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Visit/economy/eu-economy/601422/heres-why-investors-should-care-about-the-eus-plan-to-tackle-covid-19
EU Economy

Here’s why investors should care about the EU’s plan to tackle Covid-19

The EU's €750bn rescue package makes a break-up of the eurozone much less likely. John Stepek explains why the scheme is such a big deal, and what it …
28 May 2020
Visit/investments/stockmarkets/601423/as-full-lockdown-ends-what-are-the-risks-for-investors
Stockmarkets

As full lockdown ends, what are the risks for investors?

In the UK and elsewhere, people are gradually being let off the leash as the lockdown begins to end. John Stepek looks at what risks remain for invest…
29 May 2020
Visit/economy/global-economy/601420/james-ferguson-the-virus-the-lockdown-and-what-comes-next
Global Economy

The MoneyWeek Podcast: James Ferguson on the virus, the lockdown, and what comes next

Merryn talks to MoneyWeek regular James Ferguson of Macrostrategy Partnership about what's happened so far with the virus; whether the lockdown was th…
28 May 2020