17 May 2016

Amur Minerals appreciated Kubuk resources

Representatives of Amur Minerals reported that the evaluation of the Kubuk site was completed. It belongs to the Kun-Magnier deposit in the Amur Region. A comparison was made with the previous estimate. In accordance with the new data, the copper-nickel resources of the Kubuk site are 25.7 million tons. Relative to the previous indicator, the increase was 25%. The average nickel content in the ore is 0.52%. The copper content reaches 0.15%. The forecasted nickel production increased by 12% to 133,000 tonnes. Copper resources increased by 20% to 39,400 tons. The resources of platinum group metals increased by 33%, which was 7.2 tons.

In general, the total indicators of Kun-Magnier increased to a level of 164.7 million tons of ore. Of these, nickel accounts for 741,000 tons. The share of copper is 212900 tons. Metals of the platinum group reach 42.3 tons. The already estimated resources reach 107.2 million tons of ore. 484100 tons of nickel , content, 48% were revealed. Copper volumes reach 136600 tons with a content of 0.12%.

It is assumed that during the implementation of the project for Kun-Magne over the next 15 years, 90 million tons of ore will be processed. Experts predict that EBITDA in operation will amount to 1.4 billion USD in the production of concentrate. A full cycle with the production of cathodes will allow to achieve EBITDA of $ 3.48 billion. Preliminary feasibility study was approved in 2007. In accordance with it, the project can be considered economic at a nickel cost of USD 16530 / tonne.

Presumably the investment in the project will amount to about 1.5 billion USD. At the moment, Amur Minerals has invested $ 30 million in the project. The plans include the construction of two subways, four mines for open-pit mining. Processing of raw materials will be carried out using flotation. The resulting nickel-copper concentrate will be sent for further processing. The initial license for the development of Kun-Magnier was received by the company in April 2004. In December 2014, her term expired. In May 2015, Amur Minerals re-issued a license to explore the field.

In another project Amur Minerals expects to invest more than 1.5 billion USD within 5 years. We are talking about the development of the Malmyisk deposit. At the same time, the creation of jobs is planned at the level of 2,600. The development of the deposit for the detection of copper and gold has been carried out since 2010.

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