Russia sanctions having 'minimal impact' on Amur Minerals

13th Apr 2022 11:36

(Sharecast News) - Russia-focussed nickel-copper-sulphide explorer and developer Amur Minerals updated the market on the effect of sanctions on Wednesday, having been "continuously reviewing" those put in place by the European Union, the UK and the United States since Russia's invasion of Ukraine.

The AIM-traded firm said since the violent invasion began in late February, the sanctions list additions had been "frequent and rapidly evolving", changing the geopolitical landscape in which it operates.

It said there had been "minimal impact" on it to date.

As of 5 April, the actions it had undertaken included ensuring the flow of funds supporting AO Kun-Manie continued, with it now having sufficient cash reserves for the subsidiary covering budgeted costs through the first half.

"Previously, AO Kun-Manie funds have been delivered to cover a 30 to 45 day period," the board said.

Amur added that no single individual or entity identified in any transactions, contracts, or operational undertakings related to a transaction related to AO Kun-Manie were sanctioned.

It also confirmed that its lead legal counsel representation in Moscow, Bryan Cave Leighton Paisner, was suspending operations within the country.

"The company is reviewing options for lead Russian legal representation."

At 1507 BST, shares in Amur Minerals Corporation were down 5.64% at 1.62p.