Amur Minerals Corporation NRR Update (7742D)
October 30 2020 - 05:39AM
UK Regulatory
TIDMAMC
RNS Number : 7742D
Amur Minerals Corporation
30 October 2020
30 October 2020
Amur Minerals Corporation
("Amur" or "the Company")
NRR Update
Amur Minerals Corporation ("Amur" or the "Company"), the
nickel-copper sulphide mineral exploration and resource development
company focused on the far east of Russia, is pleased to provide a
further update on the Company's investment in the Convertible Loan
Note ("CLN") in Nathan River Resources Pte Limited ("NRR") who own
the Roper Bar Iron Ore project ("Roper Bar" or the "Project")
located in the Northern Territories, Australia.
The loading of the first vessel has commenced using some of the
low grade DMS iron ore stockpiles that were in existence prior to
the purchase of Roper Bar by NRR. This cargo will be approximately
58,000 tonnes and has been pre-sold by the Offtaker giving NRR an
expected revenue from the sale of approximately US$3.6 million.
With the recent injection of additional equity capital announced
on 27 October 2020, NRR is now targeting four to five further
vessels by the end of this year. The processing of previously mined
blocks has also commenced, and the transportation of existing
stockpiles and processed blocks to port is now operating 24 hours a
day. The Roper Bar site is now fully equipped and expected to
commence the mining of new blocks in due course.
Prior to the recent capital raise announced on 27 October 2020,
NRR had also carried out an independent valuation focusing on the
building, infrastructure, plant and equipment assets. This
indicative independent valuation increased the equity value of
these assets to A$76 million. A more complete revaluation of its
assets will be carried out in 2021.
Under the terms of the CLN, Amur is entitled to a seat on the
Boards of Nathan River Resources and NRR Group Pte Ltd. Mr. Adam
Habib, President of Amur, is now on the Board of Nathan River
Resources, and Mr. Robert Marsden who was nominated by Amur, has
been appointed to the Board of NRR Group Pte Ltd.
Mr. Marsden is a Mining Engineer with over 25 years of
international experience, 18 of those years with Rio Tinto. In 2013
he established an independent mining consultancy, providing
technical, economic, and strategic advice to the resource sector
covering Australia, Botswana, Brazil, Canada, Finland, Ghana,
Madagascar, Peru, South Africa and Zimbabwe. During this time Mr.
Marsden has consulted on iron ore projects in Australia, Brazil,
South Africa and Canada.
Whilst with Rio Tinto, Mr. Marsden conducted the commercial
review of over 40 investment proposals on behalf of the Investment
Committee covering acquisitions, disposals, project funding and
project expansions.
As well as representing Amur's investment in NRR, Mr. Marsden
will also work alongside the Company's management on the Kun-Manie
nickel/copper sulphide project.
For more information on the Roper Bar Iron Ore project, visit
the NRR website on www.nathan-river.com
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Enquiries:
Company Nomad and Broker Public Relations
Amur Minerals Corp. S.P. Angel Corporate Blytheweigh
Finance LLP
Robin Young CEO Richard Morrison Megan Ray
Soltan Tagiev Tim Blythe
+44 (0) 20 3470
+7 (4212) 75 56 15 0470 +44 (0) 20 7138 3204
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