Amur Minerals (AMC)

Business description

Amur Minerals is an exploration and development company focused on base metal projects in Russia’s far east. The company’s principal asset is the Kun-Manie nickel sulphide deposit in the Amur Oblast, comprising almost 1Mt of contained nickel equivalent in at least five deposits.

Stock data

Market cap.£34.5m
Last close5.43p
High / Low (52 weeks)10.6p / 5.1p
Stock market listingLN
Forecast net cash (US$m)138
Forecast gearing ratio (%)N/A
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual(24.6)(26.6)(49.5)
Relative *(20)(25)(49.8)

* % Relative to local index

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Company news

Investment summary

AMC's FY17 field season was designed to: 1) upgrade Inferred resources to Indicated, and 2) prove continuity between Ikenskoe and Kubuk, and follows a 214kt (or 41.7%) underlying increase in contained nickel tonnes at Kun-Manie, to 790kt Ni (or 1.1Mt NiE) in February 2017. That upgrade itself followed positive bulk sample metallurgical tests by Gipronickel and a re-evaluation of (lower) concentrate transport costs by RPM, and all three will form inputs to an updated PFS that is in the process of being finalised.

Last updated on 02/02/2018

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2015A 0.0 (4.1) (1.9) (0.4) N/A N/A
2016A 0.0 (3.8) (3.8) (0.7) N/A N/A
2017E 0.0 (3.8) (3.6) (0.3) N/A N/A
2018E N/A N/A N/A N/A N/A N/A

Last updated on 19/01/2018

Latest research

Recovery abounds

Update | Mining | 07/03/2017

Proving resourceful

Update | Mining | 24/05/2016

Grist to the mill

Update | Mining | 09/05/2016

Financing to FEED

Update | Mining | 25/01/2016

Drilling suggests larger, higher-grade resource

Update | Mining | 08/12/2015

In from the cold

Initiation | Mining | 22/07/2015

Kun-Manie keeps on growing

Outlook | Mining | 08/10/2013

Funding secured

Update | Mining | 29/07/2013

Kubuk drilling could redefine Kun-Manie

Flash note | Mining | 13/06/2013

Positive impacts to PFS?

Flash note | Mining | 13/03/2013

Linking up deposits

Flash note | Mining | 15/02/2013

A step change in scale possible?

Update | Mining | 03/01/2013

Latest video

Executive Interview - Amur Minerals

Industry outlook

Based on the existing operational blueprint, we calculate fully diluted (at 9p/share) values for concentrate sales (toll smelting), low-grade matte, high-grade matte and refined metal project options of 39 US cents, 51c, 41c and 50c, respectively. However, this is likely to increase if the mine plan is reconfigured to advance and increase high-grade underground production (as expected). Updated estimates also imply a potential c US$150m capex saving re Amur's access road.

Last updated on 02/02/2018

Key management

Robert Schafer, Chairman
Robin J Young, CEO

Company address

14 Gaidar Street
Office 9
Khabarovsk
680063
Russian Federation
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