Shares in Aim-listed nickel sulphide explorer Amur Minerals skyrocket 200 per cent in a month

 
Francesca Washtell
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The nickel producer's stock also rose more than 60 per cent in the last five days (Source: Getty)

An Aim-listed nickel sulphide explorer's share price has risen 200 per cent in the last month and 60 per cent in the last five days after a slew of new agreements.

Amur Minerals, which is developing the Kun-Manie nickel, copper and sulphide project in the far east of Russia, got a 21 per cent share price lift on Tuesday alone after it said it has signed a financial agreement with Russian government body the Far East Investment & Export Agency.

Last week, the group announced it will build a 316km road to access its Kun-Manie site, and it has received an uplift in the last month from signing a memorandum of understanding with China's largest nickel producer Jinchuan.

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Amur's stock lifted 200 per cent from 2.88p on 24 October to close at 8.66p yesterday. Its share price also rose 62 per cent in the last five days, after closing at 5.33p on 16 November.

Amur Minerals Amur Minerals | mobile image

On 16 November, Amur said it was unaware of any cause behind its share price movement, which rocketed by around a third in the afternoon session the day before.

However, chief executive Robin Young told City A.M. there were a number of drivers in the recent boom.

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"We believe the increased is related to several factors including the substantial nickel price increase, expansion of our largest drilled deposit by 40 per cent and funding activities in China," Young said.

"These are key elements to the success of our development of Kun-Manie and we look forward to releasing additional information which we belive will set new benchmarks for the proposed operation with regard to mine production, metallurgical recoveries, and the development of working relationships within China."

The group has also attracted finance from Russia and India.

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