(Alliance News) - Amur Minerals Corp on Tuesday said its Russian Kun-Manie project's detailed exploration & mine production licence has been amended and registered with Rosnedra, the state licencing agency.
The Russian mineral exploration company said the changes are related to the delivery dates for two terms & conditions specific to the licence.
Due to delays caused by the Covid-19 pandemic, the delivery date for the permanent conditions TEO has been extended to December 1, 2021. The TEO is an independently compiled Russian feasibility study, which enables the company to proceed to the next stage of development at the nickel copper sulphide project.
Additionally, the delivery date of the mine plan design, including detailed project engineering, is now due June 1, 2023. Amur said the work can only be implemented post-delivery of the TEO and its approval allowing for Russian reserve registration.
"As a result of the impact of the Covid-19 pandemic and having extended the delivery dates for the permanent conditions TEO and the subsequent ensuing mine plan wherein detailed engineering for a full year for each, we are now fully assured on maintaining the integrity of the detailed exploration & mine production licence for Kun-Manie," said Chief Executive Robin Young.
Amur said that during the licence modification process, ongoing work has continued toward completion of the TEO.
"We have further identified that underground production may be a viable and better financial option as previously defined by RPM Global in previous study work. Simultaneously to the TEO work, we are awaiting JORC resource estimates allowing for the verification of the Russian reserves," Young added.
Shares in Amur Minerals were down 2.4% at 1.53 pence in London on Tuesday.
By Zoe Wickens; zoewickens@alliancenews.com
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Amur Minerals (AMC)