Amur Minerals Corporation Economic & Investment Cooperation in the Far East (6622Y)
May 19 2016 - 2:02AM
UK Regulatory
TIDMAMC
RNS Number : 6622Y
Amur Minerals Corporation
19 May 2016
19 May 2016
AMUR MINERALS CORPORATION
(AIM: AMC)
Economic and Investment Cooperation in the Far East
Korean Meetings
Amur Minerals Corporation ("Amur" or the "Company"), a
nickel-copper sulphide mineral exploration and resource development
company focused on the far east of Russia, is pleased to announce
the Company's progress in working with Russia's Far East and Baikal
Region Development Fund (the "Fund"). The Fund is dedicated to
providing financing for major projects in the country's sparsely
populated but resource-rich Far East. To date, the Company has
entered into two agreements.
Recently, in a non binding Heads of Terms agreement signed on 4
March 2016, the Company and Fund agreed to advance discussions with
the ultimate intent to obtain state financing for infrastructure
needs, primarily the 320 km long road from the Ulak rail terminal
on the BAM railway to the Kun-Manie site and the 15 km to 50 km
extension of a power to alternative planned furnace smelter sites
for treatment of the sulphide concentrate. Additionally the Fund
has expressed a broader interest in the general assistance in
financing additional project requirements such as the Definitive
Feasibility Study ("DFS"). The Company and Fund are in discussions
as to how best to facilitate a transaction between the parties.
Under an earlier Mandate, signed between the Company and the
Fund on 10 August 2015, the Fund was engaged to provide investment
advisor services to the Company. This includes funding alternatives
related to other sovereign funds as well as private enterprises
within Russia and select Asian countries. In this framework and on
18 May 2016, the Fund organised a high level meeting titled
"Economic and Investment Cooperation in the Far East" with a number
of Korean state agencies, to discuss options and considerations for
funding and participation in the development of Kun-Manie.
Amur management presented the latest information on the project
to the Fund, additional Russian economic agencies and the following
Korean entities:
-- Ministry of Strategy and Finance, International Economic Cooperation Division
-- Korea Investment Corporation, Private Equity Team
-- Korea Exim Bank, Business Team
Highlights:
-- Management presented the Kun-Manie project and its potential
to Korean state development and private equity institutions.
-- A key strength of the project is the Russian government's
support of the project, as demonstrated by the Fund's organising of
the event. This is important to interested Korean investors.
-- The newly developed project financing Korean contacts will be
advanced as the Company advances the Definitive Feasibility Study
("DFS").
Robin Young, CEO of Amur Minerals Corporation, commented:
"Our involvement in these high-level government-to-government
discussions has been made possible by our relationship with the Far
East Fund. The economic strength neighbouring Korea provides
another avenue of project development to us. Korean officials are
looking to Russia as a source of metals and other materials for
their highly industrialised economy and to develop additional
service industry related activities such as engineering and
construction projects. Amur's location and potential to produce
nickel and copper for sale and delivery, via the Baikal Amur
railway to ports such as Vanino and Sovetskaya Gavan, are clearly
an advantage to Amur. Opportunities for Korean companies to be
involved in design-and-build contracts for portions of the
Kun-Manie project, and of course potential metal off-take and
streaming schemes are in the mix. We will continue our work with
the Far East Fund on this type of business development and will
move forward into more detailed talks with the Koreans as
well."
Enquiries:
Company Nomad and Broker Public Relations
Amur Minerals S.P. Angel Corporate Yellow Jersey
Corp. Finance LLP
Robin Young Ewan Leggat Dominic Barretto
CEO Laura Harrison Harriet Jackson
+44 (0) 77
+ 7 4212 755615 +44 (0) 20 3470 0470 544 275 882
Notes to Editors
The information contained in this announcement has been reviewed
and approved by the CEO of Amur, Robin Young. Mr. Young is a
Geological Engineer (cum laude) and is a Qualified Professional
Geologist, as defined by the Toronto and Vancouver Stock
Exchanges.
For further information, see the Company website at
www.amurminerals.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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