Amur Minerals Corp (LON:AMC) has revealed that certain existing shareholders of Nathan River Resources Pte Ltd (NRR)n have opted to provide further US$10mln in equity financing to advance the shipment of stockpiles and processing of mined blocks at the Roper Bar iron ore project in the Northern Territories, Australia.
The idea is to take advantage of the current high iron ore prices.
Amur was offered the opportunity to participate in the additional equity but declined in order to focus existing funds on the Kun-Manie nickel-copper sulphide project. Following the additional equity investment, Amur's convertible loan notes will be convertible into 13.43% of the current issued share capital of NRR
"NRR has exceeded our expectations in regards to the rehabilitation of the infrastructure and the mine start-up process,” said Adam Habib, chairman of Amur Minerals in a statement.
“The increased shipment targets for this year will deliver dividends in the long run that will capture the higher iron ore prices and will enable NRR to reach profitability sooner."