Nathan River Resources, a company of which Amur Minerals Corporation (LON:AMC) holds a significant convertible loan note, has commenced loading its first vessel with low grade iron ore stockpiles from the Roper Bar project.
This cargo will be approximately 58,000 tonnes and has been pre-sold, giving Nathan River an expected revenue from the sale of approximately US$3.6mln.
With the recent injection of additional equity capital announced on 27 October 2020, NRR is now targeting loading four to five further vessels by the end of this year.
The processing of previously mined blocks has also commenced, and the transportation of existing stockpiles and processed blocks to port is now operating 24 hours a day. The Roper Bar site is now fully equipped and expected to commence the mining of new blocks in due course.
Prior to the recent capital raise, NRR had also carried out an independent valuation focusing on the building, infrastructure, plant and equipment assets. This indicative independent valuation increased the equity value of these assets to A$76mln. A more complete revaluation of assets will be carried out in 2021.
Under the terms of the convertible loan note, Amur is entitled to a seat on the boards of Nathan River Resources and NRR Group Pte Ltd.
Adam Habib, President of Amur, is now on the Board of Nathan River Resources, and Mr. Robert Marsden who was nominated by Amur, has been appointed to the Board of NRR Group Pte Ltd.
Mr. Marsden is a Mining Engineer with over 25 years of international experience, 18 of those years with Rio Tinto.