Thursday's mining news: Amur gets licence boost

Amur Minerals was lifted by progress on a mining licence application in Russia, but a disposal warning dented African Copper shares.

Amur expects mining licence progress

Amur Minerals Corporation (AMC) has welcomed the news that the responsibility for determining the value of concentrates from its Kun-Manie project in Russia will be passed from the Ministry of Economic Development to the Ministry of Natural Resources.

There have been delays in the process, which is needed to determine how much the company will have to pay for the conversion of an exploration licence to a mining licence, and as such responsibility has been reassigned.

Amur said this should speed up the process, and the markets seemed to agree, with the stock trading up 11% on Thursday morning.

African Copper falls on disposal warning

African Copper (ACU) has released a further cautionary statement in line with those throughout the year and most recently on 3 October. Shares in the firm lost 7.7% on Thursday morning.

South African company ZCI, which is trying to realise value from its 84.9% holding in African Copper, may dispose of its entire interest in the firm.

African Copper advised shareholders that the process was ongoing and could have a material effect on the price of the company's securities.

Bellzone flagship project doubles resource

Bellzone Mining (BZM) has released a 99% increase in the resource for its flagship Kalia project in the Republic of Guinea.

The resource tonnage has increased by 99%, with a 2.8% increase in grade for its total oxide and supergene-banded iron formation resources from 413.9 to 822.6 million tonnes, at 36.8% iron content.

The total direct shipping ore resources are 87.5 million tonnes at a grade of 54.1%, which can be upgraded to a product grade ore through crushing and screening.

Bellzone intends to make its first shipment of iron ore in December, the first in Guinea since 1966, despite commissioning issues with a floating transhipment system, which pushed shipment into late December.

Rambler makes steady progress

Rambler Metals and Mining (RMM) produced a total of 4,955 wet metric tonnes (wmt) of concentrate in the three months to 31 October to reach a total of 7,450 wmt since the start of commissioning in May 2012.

Concentrate averaged 27% copper with six grams of gold per tonne and 49 grams of silver per tonne, with milling recoveries for copper and gold consistently averaging 90% and 65% respectively.

Revenues were $9.5 million (

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