LONDON (ShareCast) - Amur Minerals remained debt free throughout 2014 and maintained a healthy cash position as is continues with its plans to develop its flagship Kun-Manie nickel copper sulphide project in the Russian Far East.
In its annual results, Amur said efforts made last year were "critical" in transforming the AIM company and leading to the two major milestones early this year - the registration of the production licence and the compilation of the preliminary economic assessment for Kun-Manie.



Kun-Manie is currently ranked among the 20 largest nickel copper sulphide projects in the world and exploration potential provides the "opportunity to advance further up the world rankings", Amur said.

Pre-tax losses totalled $1.36m in 2014, down from a loss of $3.83m the year before, as finance expensive reduced and the fair value movement on derivative financial assets rose.

By the end of the year, Amur had cash reserves of $1.39m, though its cash position has continued to improve since given that its share price and volume have more than doubled since January.

In a separate statement, Amur also unveiled its operating blueprint for the development of Kun-Manie.

The blueprint shows that existing resources can sustain a 15-year production period with 6m tonnes per annum expected to be produced.

The total initial capital expenditure is estimated to be $1.38bn in a two-year construction period. Sustaining capex is expected to be $474m over 15 years.

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