LONDON (ShareCast) - Shares at the Russian-based nickel-copper exploration Amur Minerals jumped on Tuesday after the company revealed the Ministry of Economic Development has approved its mining licence application at Kun-Manie.
The company said all required independent and external reviews required by state licencing agency Rosnedra are now complete.

Amur Minerals intends to convert a portion of the exploration licence into a production licence.

Chief executive Robin Young said: "These terms are the result of fair and open negotiations between Amur and the Russian Government.

"We continue to see the Russian authorities participating on a highly proactive basis to ensure the Kun-Manie project and development of the vast Far Eastern region in general continues."

Shore Capital analysts noted that "while encouraging progress", the approval "is still some way off as yet" and the company still needs to wait for the Prime Minister's Dmitry Medvedev final consideration and approval.

Shares were up 35.79% to 5.9p at 15:20 on Tuesday.

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