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Equity Bottom-Up

On 4 November, Amur announced it had raised £1.2m (gross) via the issue of 70.6m shares at a price of 1.7p per share from an asset manager ‘specialising in natural resources’. This share issue is of material importance in advancing Amur towards completion of its mandatory Russian feasibility study (TEO) for its Kun-Manie nickel copper suphide project in Russia’s Far East. Due in December 2020, information included in the independently compiled TEO will also be incorporated in subsequent western feasibility study work.

On 4 November, Amur announced it had raised £1.2m (gross) via the issue of 70.6m shares at a price of 1.7p per share from an asset manager ‘specialising in natural resources’. This share issue is of material importance in advancing Amur towards completion of its mandatory Russian feasibility study (TEO) for its Kun-Manie nickel copper suphide project in Russia’s Far East. Due in December 2020, information included in the independently compiled TEO will also be incorporated in subsequent western feasibility study work.

Since producing its conceptual open-pit study in 2015, Amur has continued its exploration programme, as well as announcing the results of metallurgical tests on its ore by Russia’s premier metallurgical institute (Gipronickel), an open-pit/underground trade-off study and a review of costs (both undertaken by RPM). The results of these studies suggest a shift in likely mining to advance and increase underground operations. They have also allowed us to hone our assumptions to derive new valuations for each of Amur’s five potential development options.

Since producing its conceptual open-pit study in 2015, Amur has continued its exploration programme, as well as announcing the results of metallurgical tests on its ore by Russia’s premier metallurgical institute (Gipronickel), an open-pit/underground trade-off study and a review of costs (both undertaken by RPM). The results of these studies suggest a shift in likely mining to advance and increase underground operations. They have also allowed us to hone our assumptions to derive new valuations for each of Amur’s five potential development options.

On 10 February, Amur announced a 50kt (or 6.8%) headline increase in contained resource nickel tonnes, but a 214kt (or 41.7%) underlying increase (ie at a constant cut-off grade). This follows the January announcement of metallurgical test results by Gipronickel on a c half tonne sample of ore from Maly Kurumkon-Flangovy. Over seven metals, average recoveries were 13.0% higher than those derived from earlier bench-scale tests. The results represent the first production-scale test work from the Kun-Manie licence area and, owing to their larger size, are expected to be more reflective of actual production processes.

On 10 February, Amur announced a 50kt (or 6.8%) headline increase in contained resource nickel tonnes, but a 214kt (or 41.7%) underlying increase (ie at a constant cut-off grade). This follows the January announcement of metallurgical test results by Gipronickel on a c half tonne sample of ore from Maly Kurumkon-Flangovy. Over seven metals, average recoveries were 13.0% higher than those derived from earlier bench-scale tests. The results represent the first production-scale test work from the Kun-Manie licence area and, owing to their larger size, are expected to be more reflective of actual production processes.

Russia

Amur Minerals Corporation explores for nickel, copper, and platinum in Amur Province, Russia.

Amur Minerals Corp (AMC LN)

Amur Minerals - Russian TEO status

On 4 November, Amur announced it had raised £1.2m (gross) via the issue of 70.6m shares at a price of 1.7p per share from an asset manager...

Edison Investment Research

Amur Minerals - Cobalt-plated nickel

Since producing its conceptual open-pit study in 2015, Amur has continued its exploration programme, as well as announcing the results of...

Edison Investment Research

Recovery abounds

On 10 February, Amur announced a 50kt (or 6.8%) headline increase in contained resource nickel tonnes, but a 214kt (or 41.7%) underlying increase...

Edison Investment Research