Amur Minerals posts update on Kun-Manie mining license application

AIM-listed mining company Amur Minerals has posted an update on its application for a mining license in the Kun-Manie prospect in the Russian Far East.

AIM-listed mining company Amur Minerals has posted an update on its application for a mining license in the Kun-Manie prospect in the Russian Far East.

Up until Thursday, the company had been awaiting a report from Russia's Ministry of Economic Development detailing the value of nickel and copper concentrates expected to be produced at Kun-Manie as part of the licence application process.

However, Amur Minerals reported that "for various reasons beyond the control of the company", the Ministry of Economic Development had not issued the approved report to Rosnedra, an agency of the Ministry of Natural Resources.

Amur Minerals further reported that significant delays in receiving the necessary Ministry of Economic Development documentation had been encountered by several other companies as well.

In response to the delays, Amur Minerals said that the responsibility to oversee determination of the value of minerals for purposes of estimating the one-time payment had been reassigned to Rosnedra from the Ministry of Economic Development.

Robin Young, Chief Executive Officer of Amur Minerals, commented: "The change in responsibility from Ministry of Economic Development to Rosnedra is good news. The shift of responsibility places the valuation of the concentrate back within Rosnedra, an organisation which is highly qualified and experienced in the completion and direction of this licence related work.

"We look forward to working with Rosnedra in providing any additional information related to our valuation and in the final award of our mining licence. Three other external agencies responsible for providing additional reports to Rosnedra have completed their work."

The Kun-Manie licence area is located 700 km northeast of the capital city of Blagoveshchensk located on the Chinese border.

Amur commenced seasonal field work on the licence in 2004 and has already established total measured, indicated and inferred resources of over 250,000 tonnes of contained nickel and 72,500 tonnes of copper.

Amur's share price was up 11.23% to 5.00p at 10:31 on Thursday morning.

MF

Recommended

Why it pays to face up to your investment mistakes
Investment strategy

Why it pays to face up to your investment mistakes

Buying stocks can be a complicated business. But selling stocks can be tricky, too – even if you sell for the right reasons. Max King explains how to …
17 Sep 2021
Share tips of the week – 17 September
Share tips

Share tips of the week – 17 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
17 Sep 2021
Royal Mail will deliver for investors – here's how to play it
Trading

Royal Mail will deliver for investors – here's how to play it

Royal Mail Group has found its feet in the past 18 months and looks cheap. Matthew Partridge looks at how to trade the shares.
14 Sep 2021
The times may be changing, but don’t change how you invest
Small cap stocks

The times may be changing, but don’t change how you invest

We are living in strange times. But the basics of investing remain the same: buy fairly-priced stocks that can provide an income. And there are few be…
13 Sep 2021

Most Popular

Two shipping funds to buy for steady income
Investment trusts

Two shipping funds to buy for steady income

Returns from owning ships are volatile, but these two investment trusts are trying to make the sector less risky.
7 Sep 2021
Should investors be worried about stagflation?
US Economy

Should investors be worried about stagflation?

The latest US employment data has raised the ugly spectre of “stagflation” – weak growth and high inflation. John Stepek looks at what’s going on and …
6 Sep 2021
How you can profit from the power of the grey pound
Share tips

How you can profit from the power of the grey pound

Higher life expectancy and surging asset prices have proved a boon for the baby-boomer generation, which has accumulated vast wealth. Younger generati…
10 Sep 2021