LONDON (Alliance News) - Amur Minerals Corp said Wednesday it had been issued a detailed exploration and mine production licence for its Kun-Manie nickel copper sulphide deposit in Russia by state licensing agency Rosnedra.
Amur has arranged a one-time payment of RUB23.6 million to be transferred in "the coming days" in relation to the licence.
The 36 square kilometre licence is valid through to the beginning of July 2035. Under the licence the company holds 100% of the rights and is entitled to recover all economically valuable minerals at the licence.
The company has submitted detailed exploration and pre-production plans to authorities for approval, and these must be approved before the beginning of December 2015. It must present results of pre-production evaluation by December 2020, and a mining plan is to be approved by the government by no later than June 1 2022.
"The Russian government, particularly Rosnedra, has acted quickly and efficiently to expedite the issuance of the Kun-Manie Production Licence," said Chief Executive Officer Robin Young in a statement.
"We have considerable flexibility to advance the project as swiftly as possible. Our push to accelerate toward a production decision is in the interests of our shareholders as well as the Russian government," Young added.
Shares in Amur are trading up 11% at 32.35 pence Wednesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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