Amur Minerals Corporation (London AIM: AMC) has no other plans for the remaining months of the year but to continue its work on the enhancement of its infrastructure and technology at the Kun-Manie Reserve, the promising nickel mining facility that could produce up to 90 million tons of ore.
Since the first month of the year, the company had been focusing on convincing the Russian government that it deserved the pre-production license it needed to become part of the global commerce.
In May, the company finally got the approval which propelled the company to popularity, giving them wider industry recognition and investor attention. Amur Minerals was also among the few companies that recorded skyrocketing stock prices-an increase of over 500 percent-amid precarious industrial metals' prices.
Debt-free and mineralized site area continuously growing
According to Amur CEO Robin Young, the last six months for the company have been great, as the company accomplished many operations-related goals. "It has been a significant period for Amur with the issue and registration of a 'Detailed Exploration and Production License' on our Kun-Manie nickel copper sulphide project in the Russian Far East," he said.
In a statement published on its website on September 29, Amur Minerals revealed that it has remained debt-free since January of this year with a cash reserve of $8.3 million. The company also said that it made a profit of US$2.9 million, which comprises operating loss amounting to US$1.1 million, finance income of US$2.8 million, and a fair value movement on the Lanstead financing agreement of US$1.2 million.
"The first half of 2015 saw the achievement of a major milestone for the Amur with the award of the Production Licence. There remains a substantial amount of work as we continue to advance Kun-Manie from exploration to pre production, but with Russia's commitment to the development of the Far East and the dedication of our own staff, we have great opportunity to progress from a pure explorer to become a nickel sector player. We thank the shareholders for their continued support and perseverance," Young added.
In the last three months, the company focused on the drilling of the Maly Kurumkon/ Flangovy zone on the Kun-Manie nickel reserve. All the stages of drilling results ended up well, which led to a discovery that the specified area has more mineralized zone than previously detected, expanding its mineralized zone by 40 percent.
Q4 2014 and beyond
Amur said that the remainder of 2015 will be used to complete the infill drilling program and metallurgical test work results in the Kun-Manie reserve in the aim of enhancing its economic and market potential. It will seek more partnerships with various agencies in Russia to speed up the development of the Russian Far East through its newly created relationship with the Far East and Baikal Region Development Fund. This will expand the company's reach, making the company more attractive to investors in Asia, most specifically those from China and India.