Mining minnow Amur Minerals (LSE: AMC) is charging higher today after the company announced the signing of a Financial Advisory Agreement with the Russian Government's Far East and Baikal Region Development Fund.
The Far East and Baikal Region Development Fund was established by the Russian government to stimulate economic development in the east of the country. Amur's flagship Kun-Manie project is located in the east of Russia, close to the border with China.
This is without a doubt an extremely significant development for Amur. The collaboration agreement allows Amur to work in partnership with the regional Development Fund in attracting financing for its Kun-Manie project from across Asia.
Commenting on the deal, Alexei Chekunkov, CEO of the Development Fund said: "Amur Minerals boasts a world-class team and an exceptional asset. Strategically located in proximity to the world's most dynamic economies, the Company presents a robust investment case."
Robin Young, CEO of Amur Minerals Corporation, commented: "Sign-off of this Financial Advisory Agreement provides Amur with substantial momentum as we shift from exploration to preproduction development. It not only confirms Russia's commitment to development of the Far East through both Russian derived funding and that of foreign sources but also provides additional support and backing to our existing shareholders."