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Amur Minerals ponders charge into electronic vehicle market
Amur Minerals has upgraded its mineral resource estimate (MRE) programme as it evaluates the possibility of entering the electronic vehicle (EV) market, the company said on Tuesday.
The nickel copper sulphide exploration company said that with "potential disruption" set to hit the nickel and cobalt markets related to EVs, additional opportunities and an increased field of strategic partners were becoming available.
Nickel and cobalt are required for the fabrication of batteries for EVs.
Robin Young, chief executive of Amur Minerals, said: "Presently, projections to source sufficient nickel product to meet the 4% annual growth from this sector alone could increase the current two million tonnes per year nickel consumption demand by as much as a million tonnes per year by 2025."
A February MRE at the Kun-Manie project in Eastern Russia will be comprised of all drilling results from 2017, covering a mineralised strike length of approximately 4 km, a 2.3 km increase over the previous MRE's scope.
"We are actively reviewing all of our metallurgical test work with regard to nickel and cobalt and have generated a work programme to determine the optimal operational setup allowing the company to fully participate in the EV market. With potential modification to our downstream concentrate treatment plans, the ability to generate near battery ready or battery ready product could further enhance the economic potential of Kun-Manie," said Young.
Amur Minerals holds a licence for production rights at the Kun-Manie project until 2035, allowing it 100% of the nickel, copper, cobalt, platinum, palladium, gold and silver recovered over the 36 square km area.
As of 1410 GMT, Amur Minerals' shares were down 10.47% at 4.74p.