Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
Amur awaits resource upgrade
Nickel play Amur Minerals (AMC) expects imminent sampling results from Kun-Manie in north-east Russia to help upgrade its 371,000-tonne resource.
Based in Russia and quoted on AIM, the company – whose 121,000 tonnes of established reserves are all situated in the project's Malykrumkon deposit – suggests that these results could also identify some potentially exciting new drilling targets.
Steered by American entrepreneur Robin Young, Amur, whose mining application is now being considered by the Russian authorities, is particularly enthusiastic about the potential for the Chorney Ispelene, Vodorazdelny, Ikenskoye (100,000-tonne estimate established so far), Gorni and Kubuk deposits. Pointing out that the company's current drilling programme is fully funded, Young suggests that Ikenskoye could include some areas that are 'much higher in quality' than the average.
Noting that Amur's Kun-Manie deposits continue for 15km – partly because the Russian system classes everything separated by a ridge as a separate deposit – Young claims that 'it is a district, not a deposit'. With a historic net present value of $84 million at a $7.50-a-lb nickel price, he argues that current market prices of around $9 a lb imply a net present value of more than $230 million (£144 million), against today's AIM value of £25 million.
The company reckons that a bankable feasibility study on Kun-Manie would cost $10 million over two years and that the necessary infrastructure for mining and smelting would cost several hundred million dollars. However, Young maintains that there is plenty of scope to expand the resource estimate, noting that nickel prices have been as high as $20 a lb and arguing that the price would have to fall to around $6 a lb to call the project's viabilty into question.
Floated six years ago at 33p, Amur shares have had a rough ride, having fallen from 19p to 8.9p over the past year. They should be worth a medium-term punt.
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