Ascent Resources plc said it could still put forward a binding offer for Amur Minerals Corporation after the latter announced this morning that talks on a previous offer had ceased.
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In June 2023, Ascent planned to bid for Amur which had recently sold its Kun Marie nickel copper sulphide project in Amur Oblast, far east Russia for US$35 million.
Ascent aimed to combine Amur’s cash with its own metals project pipeline in Latin America and its Energy Charter Treaty damages claim from onshore gas operations in Slovenia.
In response to Amur’s statement, Ascent said: “Ascent is surprised and disappointed with this announcement given the last communication between the parties was three weeks ago with Ascent confirming its forward process and timetables to achieve the possible combination, following which Ascent has been waiting for the Amur board to engage further on the proposal.
“Given that Ascent is expecting imminently the result of its €3.5m+ arbitration claim against its JV partner in Slovenia, Ascent still believes that a combination of the two companies would be in the interest of both shareholder groups.
“Accordingly, Ascent is exploring the possibility to put forward a binding offer to the shareholders for the issued and to be issued share capital of Amur.”