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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.

A step change in scale possible?

Update | Mining | 03/01/2013

Amur Minerals has received its third extension to its right to explore its 950km2 Kun-Manie Ni-Cu sulphide deposit. This extension is valid until 31 December 2014. Amur will now resupply its site in readiness to commence 2013’s exploration and resource definition programme which, previously, has continued to reveal the potential for Kun-Manie (current total resource 68.5Mt @ 0.5% Ni) to host a district-scale nickel sulphide deposit. In the last two exploration announcements drilling has doubled the length of the Maly Kurumkon deposit to c 2km by joining up with the east-bound Flangovy block. Results across Flangovy indicate nickel and copper grades 46% and 36% higher respectively than those used in SRK’s outdated 2007 PFS (undertaken on only three deposits). Amur has targeted Q113 to initiate an update of its resources and reserves (release will follow completion of this work) leading to a revised PFS.

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Stock data

Market cap.£26.3m
Last close4.000p
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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