9th Sep 2022 13:29
Amur Minerals Corp - natural resources explorer with assets in Russia - Swings to a pretax loss of USD1.7 million for the six months to June 30 from a profit of USD236,000 a year earlier. Administrative expenses jump by 55% to USD1.7 million from USD1.1 million, caused by an increase in "legal fees in connection with the proposed sale of Kun-Manie", Amur explains. Says currency translation loss surges to USD8.5 million from USD400,000 a year ago due to the strengthening of the Russian rouble against the dollar.
Adds it signed a deal with subsidiary Irosta Trading Ltd last month for the sale of Irosta's AO Kun-Manie, an exploration and mining company that holds the exploration and mine production mineral licence for the Kun-Manie nickel-copper sulphide project in the Amur Oblast in Russia.
The disposal was for USD35 million in cash to Bering Metals LLC. In May, Amur rejected the offer of USD105 million from Stanmix Holding Ltd, as there was no "absolute guarantee that all payments would be forthcoming".
Current stock price: 1.35 pence, up 0.9%
12-month change: 33%
By Xindi Wei; [email protected]
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