Shares in Amur Minerals Corporation (LON:AMC) spiked more than 35 per cent in early trade as the company revealed it had received the green light from three of the four Russian agencies required to grant it a mining licence for the Kun-Manie nickel-copper project.
The stock extended gains throughout the session, and was trading up more than 87 percent by early afternoon at 9.62 pence.
The licensing process was initiated in January and is being overseen by Rosnedra, the organisation responsible licence applications.
It has told Amur that only the Ministry of Economic Development has yet to give its verdict on the Kun-Manie.
The Ministry of Defence and Federal Security Service have rubber-stamped application as has the Federal Anti-Monopoly Service.
Amur said the Ministry of Economic Development “will provide its affirmative input and approval in due course”.
Chief executive Robin Young added: "We are pleased to report that the mining application has advanced through the majority of the Russian Federation agencies responsible for the award of the mining licence.
“Everything is progressing positively and we look forward to updating shareholders in due course."
Amur has has three properties in the region with its principal asset being the Kun-Manie sulphide nickel,-copper project located in Amur Oblast.
At 8.40 am, the shares were trading up 1.8 pence at 7 pence a share.
With a JORC compliant resource of over a quarter of a million tonnes of contained nickel, Kun-Manie is one of the five largest new nickel sulphide discoveries since the discovery of the Vale-owned Voisey’s Bay development in Newfoundland.