What it does
Amur Minerals Corporation (LON:AMC) is a junior mining exploration company that holds assets in Russia. The company is run by long-standing chief executive Robin Young, who spends much of his time in Russia. Other directors, including Robert Schafer and Brian Savage also boast long years of experience in the mining industry.
The principle asset is the Kun-Manie nickel deposit in the Amur Oblast of Russia’s Far East. This project is one of the world’s last remaining unexploited nickel sulphide deposits, and also contains significant amounts of copper.
As it stands the JORC resource rings in at 155.1mln tonnes of ore grading 1.02% nickel equivalent for a total nickel equivalent tonnage of 1.58mln tonnes.
How is it doing
In August it raised £6.1mln (US$7.97mln) via a share placing alongside a deal to gain an interest in the Roper Bar iron ore project, in Australia’s Northern Territory.
Some US$3.26mln of the placing proceeds will be used to fund the continuing development of the Kun Manie nickel-copper project.
For the year ended December 31, the AIM-listed company reported a pre-tax loss of £2.3mln, less than the £3.3mln loss in the prior year, it also ended the year with cash reserves of US$400,000.
Looking forward, Amur said it is “fully focused” on the completion of the TEO and bankable feasibility study (BFS), adding that incorporating results from its “highly successful” field season in 2018 was expected to “substantially increase” the current JORC mineral resource estimate of 155.1mln ore tonnes at its Kun-Manie project in Russia.
What the boss says: Robin Young, chief executive
"Rarely do opportunities avail themselves where very near-term accretive value and cashflows are available to a mineral resource company."
“Our due diligence has confirmed that there are several positive components that offer such upside potential. Key to the successful restart of the Roper Bar Project, Nathan River Resource's management team is highly experienced in iron ore production.”
"(The) current near-production status allows for a rapid resumption of the production and shipping of Direct Shipping Ore as substantial stockpiles of high-quality iron ore are currently ready for loading and transport to the Chinese market."
“The long-term offtake agreement with Glencore, one of the world's largest global diversified natural resource companies provides us with security by having a partner of substantial import."