LONDON (Alliance News) - Amur Minerals Corp moved another step closer to converting 36 square kilometres of of its 950 square kilometre exploration licence at Kun-Manie to a production licence Tuesday, getting the necessary updated approval it needed from Russia's Federal Security Service as part of a multi-step approval process.
In a statement, the base metals explorer which is developing the Kun-Manie sulphide nickel, copper project in the far east of Russia, said it had been told by Russian authorities that the country's Federal Security Service has updated its positive conclusion on the proposals and delivered its report to the country's licensing agency Rosnedra.
Amur Minerals is in the final stages of finalising the terms for the mining license with Rosnedra, and, once completed, the state licensing agency will then submit the necessary documents to the Ministry of Economic Development for review and approval.
The Ministry of Economic Development has to approve the terms of the production license application. That approval, along with updated approval reports from Russia's Anti-Monopoly Board, Ministry of Defense and Federal Security Service, will allow Rosnedra to forward the application to the Ministry of Natural Resources, its parent organisation, and then onward to the government of Prime Minister Dmitry Medvedev for final approval.
It now has the updated documentation required by Rosnedra from the Anti-Monopoly Board, Federal Security Service and Ministry of Defence.
Amur Minerals shares were up 10.8% at 3.48 pence Tuesday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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Amur Minerals (AMC)