The applied-for area contains the drilled mineralisation and resource potential identified during the last 10 years. On 12 September 2014, the application ("Application") was delivered to the Ministry of Economic Development ("MED"). This is the final external review required by Russian Subsoils Law before the Application is returned to the Ministry of Natural Resources ("MNR"), and then on to the administration of Dmitry Medvedev, the Prime Minister of Russia, for final consideration.
As noted in a previous RNS, under a recent change to the Russian Law on Subsoils, MED is no longer responsible for determining the one-time payment which companies are required to make to the Russian Government upon issuance of the mining licence. That fee has already been determined by Rosnedra to be 23,610,272 Rubles, or approximately US$640,000. MED’s obligations are to focus its review on the terms and conditions of the production licence that have been negotiated by the Company and the Russian authorities. These terms establish the reporting, environmental protection measures, and minimal production targets that become binding upon licence issuance and registration.
Highlights:
– The Application was submitted to MED on 12 September 2014 for its review and consideration;
– The Company notes that MED is no longer responsible for determining the one-time payment, which has already been compiled by Rosnedra. MED will review the terms and conditions of the production licence as negotiated by the Company and Russian authorities;
– The MED examination is the final external review. Approvals have already been obtained from the Federal Anti-Monopoly Services ("FAS"), Ministry of Defence ("MOD") and the Federal Security Service ("FSB"); and
– The MED conclusion will be consolidated into a final report by Rosnedra and submitted to MNR, its parent organisation, for review. The MNR review will then be submitted to the Russian Government for signoff by Dmitry Medvedev (or his designate).
Robin Young, CEO of Amur Minerals Corporation, commented:
"We are pleased to announce to our shareholders that another important step in converting our exploration licence to that of a mining licence has been taken. The submission of our documents signifies the completion of negotiations on the terms and conditions, which must now be reviewed by the Ministry of Economic Development. Amur stands ready to work closely with MED on any questions or queries. We thank the Russian authorities for their continued cooperation as we systematically work through this licence conversion process. We are now one step closer and continue to be optimistic of a positive conclusion that will bring about a new growth phase for the Company and new resource development for the Russian Far East."
