25th Jun 2019 14:59
(Alliance News) - Amur Minerals Corp said Tuesday its annual loss widened in 2018, but it is confident it is well placed to capitalise on the growth seen in the nickel market.
In 2018, the nickel copper sulphide mineral exploration company almost tripled its pretax loss to USD3.3 million from USD1.2 million in 2017.
Amur Minerals' administrative expenses increased 16% to USD2.2 million from USD1.9 million.
The company did not generate any revenue in 2018 or 2017. At the end of 2018, Amur had cash reserves of USD1.3 million, half from USD2.6 million the year before.
"The work that we are undertaking in 2019 is orientated towards preparing and positioning the company for the next stage of its development - strategic investment and project financing," Amur Minerals said. "To date this has involved management, with support from the group's financial advisor Medea Capital Partners Ltd, engaging with external parties who provide long term support for projects transitioning from exploration to production and beyond."
"These engagements have for the most part been centred around developing the external parties' knowledge of Kun-Manie and building personal relationships. We have benefited in return by gaining current knowledge of the global markets for nickel and just as importantly, the end users of nickel."
The company is focused on its sulphide nickel, copper Kun-Manie project in far east Russia.
"The board and management believe that the company is well positioned given the size and location of Kun-Manie to capitalise on the growth in the nickel market. We have been seeing clear indicators that recent increased interest in nickel is now turning towards interest in the future sourcing of nickel supply," added the company.
Amur said it does not see the need for further drilling at the project and instead will focus on seeking permission from the Russian authorities to start construction and implement a "full-scale" operation.
Shares in Amur Minerals were down 0.4% Tuesday at 2.45 pence each.
Related Shares:
AMC.L