LONDON (Alliance News) - Amur Minerals Corp saw its shares continue a two-week winning streak Monday, after it moved another step closer to converting 36 square kilometres of of its 950 square kilometre exploration licence at Kun-Manie to a production licence when the application was submitted to Russia's Ministry of Economic Development for a final review of terms.
The company's shares been moving upwards since September 2 as it has given regular updates on the approvals it needed from various Russian authorities as part of a multi-step approval process for the production licence.
The Ministry of Economic Development has to approve the terms of the production license application, although it no longer sets the fee for the licence, as it did in the past. That has already been set at about USD640,000 by Russia's licensing agency Rosnedra.
That approval of the terms of the licence, along with updated approval reports the company recently got 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.
"The submission of our documents signifies the completion of negotiations on the terms and conditions, which must now be reviewed by the Ministry of Economic Development. Amur stands ready to work closely with (the ministry) on any questions or queries,2 Amur Chief Executive Robin Young said in a statement.
Amur Minerals shares were up 13.5% at 4.00 pence Monday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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Amur Minerals (AMC)