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.
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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.
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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.
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