LONDON (Alliance News) - Amur Minerals Corp Monday said it has upgraded its original Certificate of Discovery for the Kun Manie deposit in the Amur region of Russia, clearing out any questions over which by-product metals it can mine and process.
The nickel copper exploration company focused in far east Russia said the original certificate was 'somewhat ambiguous' and could have limited its ability to recover certain by-product materials as part of its production licence.
Amur said the new licence clarifies that all economically viable minerals are available for the company to mine and process, including its primary nickel and copper, along with by-product commodities like cobalt, platinum, palladium, gold, silver and sulphur.
The company said in June that it has now completed its exploration phase at the site and is moving towards achieving a production licence for the site, of which the new certificate plays a key role.
Amur said the certificate grants it the right to apply for and obtain production rights without having to go through a competitive auction, and cleared a possible hindrance to its production licence application.
The company said the clarification was suggested by the Russian authorities, which will receive metal extraction royalties from all recovered minerals.
"This is a win-win situation for the company and for the Government, and we appreciate the helpful and pragmatic stance that licensing officials have taken as we continue to work towards the mining licence," Chief Executive Robin Young said in a statement.
Amur Minerals shares were up 10% to 3.80 pence, putting the company in the top ten AIM All-Share risers during early trading Monday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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Amur Minerals (AMC)