LONDON (Alliance News) - Amur Minerals Corp shares were given a boost in early trade on Tuesday after the company said its exploration and production licence application for the Kun-Manie nickel copper sulphide project has been approved.
Amur said the Ministry of Economic Development in Russia has given its approval for the plan, meaning all independent and external reviews required have been completed and the approval moves Amur a step closer to converting its exploration licence into a production licence.
"We are pleased that major progress on our application converting a portion of our exploration licence to a Detailed Exploration and Production Licence is another step closer to completion. The Ministry of Economic Development has now approved the production license terms that establish the one-time payment, environmental monitoring and basic production terms, and reporting timelines," said Amur Chief Executive Officer Robin Young.
Amur was the second best performer in the AIM All-Share in early trade on the back of the news, with its shares rising 31% to 5.71 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Amur Minerals (AMC)