Amur Minerals Corporation a far east Russian sulphide nickel copper explorer, is pleased to announce the signing of a non-binding Letter of Intent (“LOI”) with IG Copper LLC (“IGC”) to investigate potential synergies in processing the companies’ respective sulphide concentrates. The LOI was executed on 3 September 2016 at the Eastern Economic Forum in Vladivostok, Russia.
Amur plans to create a concentrate treatment facility adjacent the Baikal-Amur Magistral railroad (BAM) to exploit existing transport routes and available hydropower in the region. Amur’s Kun-Manie project will likely yield a single concentrate from its nickel-copper sulphide ores for smelting into a saleable Low Grade Matte (“LGM”).
IGC is in a Joint Venture (“JV”) with US based Freeport McMoran and controls the Malmyzh copper gold deposit in Khabarovsk Krai, Far East Russia. The JV has recently obtained a production licence for the mining rights to the Malmyzh deposit, The Amur River and the Russian rail system provide ready access to this project.
Both Amur and IGC are working closely with the Russian Far East and Baikal Region Development Fund (“FEDF”). FEDF is dedicated to the development of large scale projects in the Far East to upgrade the social, economic and infrastructural sectors of this vast region.
Both companies recognise that substantial work is required to complete final evaluation of the metallurgical recoveries, concentrate generation, transport, and development of final saleable products for their individual projects. Because of the relative proximity of the companies’ projects, there may be a substantial benefit in undertaking a collaborative effort in the combined processing of the concentrates which could identify mutually beneficial options and solutions to both companies’ project potential and economics.
As a collective, Amur and IGC believe that additional agreements could be included to further enhance the potential to add value to both projects.
Robin Young, CEO of Amur Minerals Corporation, commented:
“Development of a mine presents numerous challenges. A project must be technically and economically viable in its own right. As our team works toward completion of our Definitive Feasibility Study in evaluation of Kun-Manie, opportunities arise which could enhance the project through mutual support and participation on a project such as this and in particular to our final treatment of the concentrate. We look forward to evaluating the potential synergies between IG Copper and Amur.”
