Amur Minerals Corporation (LON:AMC) told investors it has received the first interest payment from its Nathan River Resources (NRR) investment.
In late August, the company announced a deal to invest in NRR – owner and operator of the Roper Bar iron ore mine, in Australia’s Northern Territory - via a subscription of convertible loan notes.
The notes carry an annual coupon of 14% and can convert into equity, equivalent to 19% of NRR present share capital.
The investment funds were earmarked for a rapid restart of the mining operation, which yields direct shipping ore (DSO). There were some 194,000 tonnes of DSO stockpiled on-site and available for shipping from October.
In all, Roper Bar is estimated to host to an estimated 446mln tonnes of JORC resources with an iron grade of 39.9%. It has around 4.76mln tonnes of JORC reserves at 60.1% iron.
Glencore PLC has been involved in the project and has entered into an offtake deal.