Amur Minerals Corporation (LON:AMC) has appointed a corporate advisor to assist in securing financing for the development of its Kun-Manie nickel and copper project in Russia.
Medea Capital Partners Ltd. will advise Amur on its financing options for the project, including the debt market, off-take agreements and strategic equity partners.
The corporate advisor has recommended another pre-feasibility study to be completed to update the market on the economics of the project.
It has also provided a strategic advisory paper, which concluded there is available market capacity for investment by a strategic partner and that Export Credit Agency covered debt project financing is available for the development of the project.
Amur is reviewing Medea’s recommendations on the various financing options available and is conducting an updated pre-feasibility study.
“Medea's comprehensive report has provided the company with the basis for developing a detailed plan and roadmap to full project financing,” said chief executive, Robin Young.
“I look forward to updating the market as we develop and implement this strategic plan and as the company further focuses on its role in developing the Kun-Manie asset."
Last week the company revealed it was already pencilling in a substantial upgrade to the resource at Kun-Manie after initial results from exploration at the IKEN target.
Drilling at Ikenskoe/Sobolevsky (IKEN) since early May has extended the strike by 500 metres at an average of nearly 1.0% nickel and 0.3% copper, substantially higher than previous results.
Based on the substantially higher grades and size of this new mineral block, it said there is 'good potential' to double almost the currently reported IKEN resource from 146,000 tonnes of nickel and 36,000 tonnes of copper.