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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.

Kun-Manie keeps on growing

Outlook | Mining | 08/10/2013

Amur Minerals has survived the worst recession since the 1930s through frugal and targeted exploration spending funded by equity raises and equity swap agreements. In doing so it has technically progressed Kun-Manie to such an extent that it has likely materially changed the potential scope for extracting the increasingly large JORC resource, which now stands at 0.52Mt and 0.15Mt contained nickel and copper respectively. Until an updated PFS is ready (in progress, release date tbc ), we reiterate our previous estimate of this project’s value of US$394m or £0.59 per share (at a long-term nickel price of US$20,000/t and a 10% discount rate).

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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

Price performance

Relative *(15.5)(12.2)(36.7)

* % Relative to local index

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