JOHANNESBURG (miningweekly.com) – Aim-listed Amur Minerals has reported a 78% increase in projected earnings for its Russia-based nickel/copper sulphide Kun-Manie project.
The company said on Monday that the projected earnings before interest, taxes, depreciation and amortisation (Ebitda) had increased by 78.75% to $2.7-billion, from the October 2017 estimate of $1.6-billion, owing to a combination of openpit and underground mining methods, rather than only openpit production.
The company stated that it would use a long hole open stoping (LHOS) method on deeper ores in the Maly Kurumkon/Flangovy (MKF) deposit.
“The global 73-million-ore-tonne mining potential contains more than 400 000 t of projected metallurgically recovered nickel supporting the operation for at least 12 years,” CEO Robin Young said in a statement.
He added that the company had maintained a conservative approach in its assessment by excluding the inclusion of additional revenue potential associated with by-product metals of copper, cobalt, platinum and palladium.
Of the 73-million ore tonnes, 32-million will be mined by the LHOS method, with the remaining 41-million derived from four openpits located at MKF, including Vodorazdelny, Ikenskoe/Flangovy and Kubuk.
The reported Ebitda is based on a long-term nickel price of $7.27/lb.