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Amur Minerals (AMC)

Business description

Amur Minerals is an exploration and development company focused on base metal projects in Russia’s far east. Its principal asset is the Kun-Manie nickel sulphide deposit, comprising over 1.5Mt of contained nickel equivalent in at least five deposits.

Stock data

Market cap.£26.3m
Last close4.00p
High / Low (52 weeks)10.6p / 3.8p
Stock market listingLN
Forecast net cash (US$m)4.1
Forecast gearing ratio (%)N/A
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual(15.2)(7.9)(33.9)
Relative *(15.5)(12.2)(36.7)

* % Relative to local index

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Company news

Investment summary

So far in 2018 Amur has increased its resource at Kun-Manie by 50%, to 1.58Mt NiE at a grade of 1.02% NiE. Significantly, the increase was achieved at a cost of US$30.87/t contained nickel cf Amur's resource multiple immediately prior to the upgrade of US$51.36/t. The increase means that Kun-Manie now ranks third among the world's greenfield nickel sulphide deposits. It will also form an important input into an updated PFS.

Last updated on 29/06/2018

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 21/06/2018

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 new assumptions incorporating a higher percentage of underground mining for longer, we calculate fully diluted (at 4.4p/share) values for concentrate sales (toll smelting), low-grade matte, high-grade matte and refined metal project options of 15 US cents, 27c, 26c and 46c, respectively, at a nickel price of US$7.50/lb. Developing the project incrementally over five years, we value it at 26c per share. Internal estimates also project that Kun-Manie will be one of the ten lowest cost producers in the world, with C1 cash costs in the range US$2.61-2.77/lb Ni.

Last updated on 29/06/2018

Key management

Robert Schafer, Chairman
Robin J Young, CEO

Company address

14 Gaidar Street
Office 9
Khabarovsk
680063
Russian Federation
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