LONDON (Alliance News) - Amur Minerals Corp saw its shares rise Monday after it said it continues to make progress in getting a production licence for Kun-Manie deposit in the Amur region of Russia, with the issuance of the updated one-time payment.
The nickel-copper exploration and development company, which is focused on base metal projects located in the Far East of Russia, said Russian authorities have issued a newly updated calculation of the one-time payment for the forthcoming mining licence, which is now USD655,000. The previous calculation was for a one-time payment of USD818,000.
The payment is a key part of the terms and conditions for the mining licence. Amur Mineral said it has been working with Russian authorities in finalising the terms and conditions of the production licence.
"Amur continues to work closely with the Russian government to convert our licence from exploration to production and the updated one-time payment calculation is another important step in that direction. Obviously it is in the interests of the Russian state to get paid for the mining rights and move the project towards its logical goal, which is large scale production at the earliest possible date," said Chief Executive Robin Young in a statement.
Amur Minerals said the finalised terms and conditions along with the required one-time payment calculation will be submitted to the Ministry of Economic Development for review and approval.
The company said the one-time payment must be made within one month of the registration of the mining licence.
The company's stock was up 13.1% Monday morning, trading at 3.10 pence, one of the biggest gainers on London's AIM market.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
Copyright 2014 Alliance News Limited. All Rights Reserved.
