Amur Minerals advances on Kun-Manie mining licence progress

Amur Minerals, the exploration and development company focused on Far East Russia, has received formal notification that the Federal Agency on Subsoil Use (Rosnedra) has completed calculation of the one-time payment to convert a portion of its exploration licence to a mining licence on its Kun-Manie nickel copper sulphide project.

At the request of the Ministry of Natural Resources (MNR), Amur Minerals said it had been formally notified by Rosnedra that the one-time payment to convert a selected portion of the exploration licence containing the Kun-Manie nickel copper JORC resources and reserves to a mining licence had been determined.

The group said that the estimated conversion price for a mining licence for subsoil use would be 24.6m Rubles (approximately $818,000).

Try 6 free issues of MoneyWeek today

Get unparalleled financial insight, analysis and expert opinion you can profit from.

Start your trial

Sign up for MoneyWeek’s free twice-daily newsletter.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Sign up

Robin Young, Chief Executive Officer of Amur Minerals, commented: "This milestone takes us a step closer to a final decision of the award of the mining licence.

"In the meantime, we continue to prepare for the next drill season and work toward completion of the resource update based on the 2012 drill results. This also ensures that additional studies and engineering work related to the project can be prudently undertaken."

Amur Minerals' share price was up 8.33% to 9.75p at 08:43 on Friday.

MF