Amur Minerals Corporation (LON:AMC) said 2017 has been a ‘highly significant year,’ with field season resulting in 50% expansion of the Kun Manie project in Russia, making it one of the largest greenfield nickel projects globally.
The AIM-listed miner said 2017 field season proved to be “our best ever resulting in a 50% increase in minable resources - 101 million tonnes to 155 million tonnes.” Amur Minerals also said a total of 26,485 metres of drilling in 107 holes was completed at the ISK deposit.
READ: Amur Minerals completes 25% of drilling programme at Kun-Manie
The company said it remained debt free for the year ended 31 December 2017, with cash reserves of US$2.56mln, down from US$8.20mln.
Robert Schafer, non-executive chairman of Amur Minerals, said: “The Board and management believe that the company is well positioned to capitalise on the growth in the nickel market, given the size of Kun Manie and its proximal location to Asian markets.”
He added: “We are seeing clear indicators that recent increased interest in nickel is now turning towards interest in the future sourcing of nickel supply.”
In early afternoon trading, Amur Minerals shares dropped 8.1% to 4.25p.