Amur Minerals shares fell over 9% on Monday after the company announced a delay to its Kun-Manie study.
The mineral exploration company said that results from the Pre-Feasibility Study for its Kun-Manie nickel copper sulphide project would take longer than initially expected.
Despite the delay, Amur Minerals confirmed that it continued to hold talks with potential strategic partners.
The firm said it now anticipated the PFS results in the first quarter of 2019.
Robin Young, CEO of Amur Minerals, commented:
“The completion of the PFS has taken longer than initially expected and it is understandable that this delay has caused concern. We want to ensure that the standard of the PFS meets with the expectations of the multiple intended audiences and therefore provides a more encompassing strategic long-term plan. It is envisaged that the additional time spent on the PFS, in association with the strategic plan, will establish a valuable and more fully encompassing assessment of Kun-Manie in line with our corporate development plan and potential.
He added: “The long-term nickel market remains very positive and it is our belief that the Kun-Maine project remains well positioned to capitalise on that market given its size, quality and location. I look forward to updating the market on the Company’s strategic plan in the coming weeks.”
Shares in Amur Minerals (LON:AMC) are now trading -4.70% as of 11.27AM (GMT), as investors react to the company update.
Elsewhere across the markets, Anglo African Agriculture shares soared on Monday, after the company issued a trading update.
Meanwhile in the media sector, Johnston shares rallied 20% on the back of speculation that Daily Mail owner DMGT is planning to make an offer on the I Newspaper.
