reports
- Alison Turner
Amur Minerals - Russian TEO status
On 4 November, Amur announced it had raised £1.2m (gross) via the issue of 70.6m shares at a price of 1.7p per share from an asset manager ‘specialising in natural resources’. This share issue is of material importance in advancing Amur towards completion of its mandatory Russian feasibility study (TEO) for its Kun-Manie nickel copper suphide project in Russia’s Far East. Due in December 2020, information included in the independently compiled TEO will also be incorporated in subsequent w...
- Charles Gibson
Amur Minerals - Kunning
On 26 February, Amur Minerals announced the long-awaited results of its updated pre-feasibility study (PFS) into its Kun-Manie project in Russia’s Far East. In contrast to previous studies, the PFS considered just two options, namely a toll smelt option and a low-grade matte option, and dispensed with the high-grade matte and refinery options. Both considered a c 6Mtpa mine operating for 15 years. For the toll smelt option, the PFS calculated an unfinanced NPV10 of US$614.5m and an IRR of 29....
- Charles Gibson
Amur Minerals - Gaining traction
On 26 February, Amur announced the long-awaited results of its updated pre-feasibility study (PFS) into its Kun-Manie project in Russia’s Far East. In contrast to previous studies, the PFS considered just two options, namely a toll smelt option and a low-grade matte option, and dispensed with the high-grade matte and refinery options. Detailed financial models are not yet available. However, both considered a 6Mtpa mining operation and results are comparable to those published by Edison in our...
- Charles Gibson
Amur Minerals - Cobalt-plated nickel
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 valuatio...
- Sam Catalano
Amur Minerals - Capital Network: Further Resource Upgrades Likely
Amur Minerals (LON:AMC) is a London AIM listed minerals exploration and Development Company, currently focussed on developing the Kun Manie project, located in the far east of Russia. The project is primarily a nickel project, but with significant by products of copper, cobalt, platinum and palladium.
- Charles Gibson
Recovery abounds
On 10 February, Amur announced a 50kt (or 6.8%) headline increase in contained resource nickel tonnes, but a 214kt (or 41.7%) underlying increase (ie at a constant cut-off grade). This follows the January announcement of metallurgical test results by Gipronickel on a c half tonne sample of ore from Maly Kurumkon-Flangovy. Over seven metals, average recoveries were 13.0% higher than those derived from earlier bench-scale tests. The results represent the first production-scale test work from the K...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
Update: Proving resourceful
Following its resource updates for Maly Kurumkon-Flangovy (MKFL) and Ikenskoe-Sobolevsky (IKEN) in April and May, respectively, on 10 May Amur announced the results of the process to similarly upgrade and refine the resource at Kubuk. Overall, the update demonstrated a 24.8% increase in mineralised tonnages at Kubuk to take the total resource at Kun-Manie to 740.1kt of contained nickel, or 982.7kt of nickel equivalent. The newly developed geological models for MKFL, IKEN and Kubuk were compiled ...
Update: Grist to the mill
So far in Q216, Amur has announced two resource upgrades at Maly Kurumkon-Flangovy (MKFL) and Ikenskoe-Sobolevsky (IKEN). The overall effect of this is to increase the mineralised tonnage hosted at Kun-Manie by 32.1% and the measured and indicated component of the resource by 99.8%. In addition, Amur has also distinguished between high-grade and low-grade domains. Significantly, over 74% of the total contained metal (at a 0% cut-off grade) remains at a 0.4% Ni cut-off and more than 97% of that i...
Update: Financing to FEED
Amur (AMC) has announced that that it has entered into a subscription agreement with Crede Capital Group whereby the latter will invest £12.5m (plus warrants) into Amur in five equal tranches, at respective 90-day intervals from the first tranche on 14 December. Whereas Amur previously had approximately sufficient funding to complete its DFS, this agreement ensures that funding is now sufficient to advance the project through the DFS and into the FEED (front-end engineering & design) stage. Amo...
Update: Drilling suggests larger, higher-grade resource
Results from Amur’s twin 2015 field season in-fill and step-out drilling programmes at Flangovy have successfully confirmed the continuity of mineralisation with respect to contained metal and thickness over a length of 1,200m, making the promotion of up to 27.4Mt of inferred resources into the indicated category a distinct likelihood when the final results are received in December. The fact that the (length-weighted) average grade of nickel mineralisation was 0.83% (cf a resource grade of 0.5...
Initiation: In from the cold
Kun-Manie is among the 20 largest nickel sulphide deposits in the world and the award of a production licence this year (until 2035) allows Amur Minerals (AMC) to shift its strategy from one of exploration to one of preproduction. A pre-feasibility study on the project was completed by SRK in 2007 and envisaged a 4.0Mtpa operation. However, this has now been superseded by subsequent technical work, with the result that Amur now envisages a 6.0Mtpa operation producing over 15 years, together with...
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