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.

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

Recommended

Which assets will benefit as the “jam tomorrow” bubble pops?
Investment strategy

Which assets will benefit as the “jam tomorrow” bubble pops?

With tech stocks, cryptocurrencies and many other “long duration” investments crashing hard, the “jam tomorrow” bubble looks to be bursting. John Step…
24 Jan 2022
Three innovative Asian stocks to buy now
Share tips

Three innovative Asian stocks to buy now

Professional investor Fay Ren of the Cerno Pacific Fund highlights three of her favourite Asian stocks to buy now
24 Jan 2022
Share tips of the week – 21 January
Share tips

Share tips of the week – 21 January

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
21 Jan 2022
Seven cheap defence stocks to buy now
Share tips

Seven cheap defence stocks to buy now

We’ve got used to a world without war between major powers, but that era is coming to an end as Russia threatens Ukraine and China eyes Taiwan. Buy de…
21 Jan 2022

Most Popular

Shareholder capitalism: why we must return power to listed companies’ ultimate owners
Investment strategy

Shareholder capitalism: why we must return power to listed companies’ ultimate owners

Under our system of shareholder capitalism it's not fund managers, it‘s the individual investors – the company's ultimate owners – who should be telli…
24 Jan 2022
Three innovative Asian stocks to buy now
Share tips

Three innovative Asian stocks to buy now

Professional investor Fay Ren of the Cerno Pacific Fund highlights three of her favourite Asian stocks to buy now
24 Jan 2022
Temple Bar’s Ian Lance and Nick Purves: the essence of value investing
Investment strategy

Temple Bar’s Ian Lance and Nick Purves: the essence of value investing

Ian Lance and Nick Purves of the Temple Bar investment trust explain the essence of “value investing” – buying something for less than its intrinsic v…
14 Jan 2022