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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.£18.8m
Last close2.75p
High / Low (52 weeks)7.8p / 2.8p
Stock market listingLN
Forecast net cash (US$m)130.8
Forecast gearing ratio (%)N/A
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual(22.9)(33.7)(60)
Relative *(19.8)(27.6)(55.5)

* % Relative to local index

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Company news

Investment summary

In Q118, Amur reported a 50% increase in its Kun-Manie resource to 1.58Mt NiE at a grade of 1.02% NiE. The increase means that Kun-Manie now ranks fourth among the world's greenfield nickel sulphide deposits that contain a minimum of 1.0Mt Ni at a grade of >0.4% Ni. It also provides an important input into Amur's on-going PFS, which is expected to be completed in Q119.

Last updated on 29/11/2018

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2016A 0.0 (3.8) (3.8) (0.7) N/A N/A
2017A 0.0 (3.8) (3.6) (0.3) N/A N/A
2018E 0.0 (3.8) (3.7) (0.2) N/A N/A
2019E N/A N/A N/A N/A N/A N/A

Last updated on 28/11/2018

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 - although note that Amur has a number of development options according to its strategic plan (see announcement of 19 Nov). Internal estimates also project that Kun-Manie will be one of the ten lowest cost producers of class 1 nickel globally, with C1 cash costs in the range US$2.61-2.77/lb Ni.

Last updated on 29/11/2018

Key management

Robert Schafer, Chairman
Robin J Young, CEO

Company address

14 Gaidar Street
Office 9
Khabarovsk
680063
Russian Federation
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