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.£28m
Last close4.38p
High / Low (52 weeks)10.6p / 4.3p
Stock market listingLN
Forecast net cash (US$m)4.1
Forecast gearing ratio (%)N/A
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual(5.4)(40.4)(32.1)
Relative *(8.8)(37.5)(34.3)

* % Relative to local index

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Company news

Investment summary

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.

Last updated on 16/04/2018

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 (1.9) (1.8) (0.3) N/A N/A
2018E 0.0 (3.8) (3.7) (0.2) N/A N/A

Last updated on 16/04/2018

Latest research

Cobalt-plated nickel

Outlook | Mining | 16/04/2018

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

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, these are likely to increase if the mine plan is reconfigured to advance and increase high-grade underground production (as expected).

Last updated on 06/04/2018

Key management

Robert Schafer, Chairman
Robin J Young, CEO

Company address

14 Gaidar Street
Office 9
Khabarovsk
680063
Russian Federation
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