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).
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
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.
December 2023 NS&I Premium Bond winners - check now to see what you’ve won
If you hold money in NS&I Premium Bonds, you can check from today (2 December) to see if you have won in the December prize draw. Here’s how to check.
By Vaishali Varu Published
OpenAI – corporate drama unleashed
OpenAI, the firm behind ChatGPT, was in uproar as its boss was booted out, briefly snapped up by Microsoft and then brought back again.
By Dr Matthew Partridge Published