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Amur Minerals Corp - natural resources explorer with assets in Russia - Swings to a pretax loss of $1.7 million for the six months to June 30 from a profit of $236,000 a year earlier. Administrative expenses jump by 55% to $1.7 million from $1.1 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 $8.5 million from $400,000 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 $35 million in cash to Bering Metals LLC. In May, Amur rejected the offer of $105 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%
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