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Amur Minerals Corp on Monday said it has faced delays with the sale of its Kun-Manie project, due to restrictions on transferring funds to Russia.
Shares in the natural resources explorer with assets in Russia were down 10% to 1.39 pence each in London on Monday afternoon.
Back in August, Amur entered into a share purchase agreement with subsidiary Irosta Trading Ltd for the sale of Irosta's AO Kun-Manie firm, for a total consideration of $35.0 million. AO KM is an exploration and mining company, which holds the mineral licence for the Kun-Manie nickel-copper sulphide project, Russia.
Amur said that Bering Metals LLC, a Russian incorporated company, would purchase AO KM under intragroup loans, and it expected the transaction to be complete in early November.
On Monday, Amur said that western introduced restrictions related to the international transfer of funds from the Russian Federation have become more restrictive with time. Mainstream international banks are severely restricting or are no longer allowing such transactions per their internal compliance protocols, it added.
Amur explained that it is coordinating efforts with the buyer to establish a fully compliant fund transfer allowing for completion.
Chief Executive Robin Young said: "Amur and Bering are keen to complete the sale of AO Kun-Manie as soon as possible. The majority of our efforts are focused on establishing a chain of custody for the fund transfer which is fully compliant with the current geopolitical situation."
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