-- Update, adds more detail, share price--
Amur Minerals (LON:AMC) has signed a collaborative agreement with the Russian government's Far East and Baikal Region Development Fund to help attract investment for its Kun-Manie nickel development.
The fund was set up to attract investment into the Far East of Russia, where Kun-Manie is located, from within Russia and also India, and China.
Kun-Manie was granted a mining permit in May and the collaboration with the Fund was another major step forward for the project Robin Young, Amur’s chief executive, said.
As well as new sources of capital, it will also allow access to federal financing earmarked for infrastructure development.
“It confirms Russia's commitment to development of the Far East through both Russian derived funding and that of foreign sources but also provides additional support and backing to our existing shareholders.
“The capital available for development of resource projects in Russia, India and China is considerable," said Young.
Alexei Chekunkov, chief executive of the Fund, said: “Amur Minerals boasts a world-class team and an exceptional asset.
“Strategically located in proximity to the world's most dynamic economies, the company presents a robust investment case."
Talking to Proactive, Young added he sees the Fund becoming a cornerstone investor in the project that will be able to supply services to various parts.
The two group will also work together to identify new sources of capital and Young said he had held talks with Chinese organisations previously.
Eventually, a consortium will be formed to develop the project with first production scheduled for four to five years from now.
Shares jumped 12% to 18.1p.