Amur Minerals Corp - TEO Update – Indicative Revenue Terms
("Amur" or "the Company")
TEO Update - Indicative Revenue Terms
Following on from the update announced on
Having these terms and conditions are key to establishing sufficient and supportive documentation that a marketable product can be generated, which is a requirement for approval of the TEO.
The provision of the potential revenue terms allows the Company to commence the following TEO tasks:
· Report reserves based on varying cutoff grades for the alternative intermediate products. Reserves will be initially reported in accordance to that required for a TEO and per the Russian reserve classification system.
· Update of the mine plan and production schedule.
· Update of the operating costs and metallurgical recoveries based on the process flowsheet identified by Gipronickel. Optimised open pits will be finalised allowing for reporting of the open pit mining reserves. Deeper, potentially underground recoverable ores will also be evaluated to determine the optimal interface depth between open pit and underground operations.
· Evaluate varying metal equivalent cutoff grades that will be utilised with mineralised tonnages and average metal grades for nickel, copper, cobalt, platinum, palladium, silver and gold included.
· Update of the economic analysis using the above information.
The metallurgical work completed by Gipronickel since issuance of the
Regarding delivery of the TEO in
"One of the key TEO filing requirements is to have entered into a Non-Binding Indicative Offtake Agreement providing proof of interest in the purchase and sale of an Intermediate Product. Since joining Amur as an advisor in February of this year, one of my tasks has been to survey, advance and identify any additional offtake trading organizations and their related trading terms and conditions that may be suited for working with Amur and its Intermediate Products. This was completed during the coronavirus lockdown period and we are pleased to say that we have been able to work with an internationally recognised metals traders in the world. We intend to take the Non-Binding Indicative Offtake Agreement forward into a binding version in the future."
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
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