Amur Minerals (LON:AMC) shares celebrated today as after eleven years of trying the nickel producer it was awarded a mining licence for its Kun-Manie project in Far East of Russia.
Robin Young, chief executive, said he was delighted with the twenty year permit and the licence terms and conditions that he said give considerable leeway to advance the project.
The new 36 square kilometre licence is valid until December 2034.
The permit gives Amur 100% rights over all of the deposit’s economic value minerals including nickel, copper, cobalt, platinum, and palladium.
So far, Amur has delineated 841,000 nickel tonnes equivalent all of which lies within the limits of the production licence.
Ahead of the award, Amur submitted the development plan for a mine at Kun-Manie which will to take advantage of the summer exploration season to further boost the and define additional reserves and resources.
Amur will make a one-off payment of R23.6 mln Roubles (US$480,000) when it receives the licence.
Young added: “We express gratitude to our team in Russia and the UK, to the Russian Government for their support of the Company's efforts, and to our shareholders, many of whom have been steadfast over the years in their belief that Kun-Manie is a highly substantial asset with a great future.
More to follow