TIDMARS
RNS Number : 1448S
Asiamet Resources Limited
07 March 2019
07 March 2019
Asiamet Receives Key Approvals for BKM Copper Project
Asiamet ("ARS" or the "Company") is pleased to announce the
receipt of two very significant approvals for its 100% owned BKM
copper project ("BKM") located in Central Kalimantan,
Indonesia.
Highlights:
-- Acceptance and approval of the BKM Feasibility Study required by Indonesian regulations
-- Approval of the Environmental Impact Assessment ("AMDAL")
The Government of Indonesia ("GOI") has formally approved a
Feasibility Study completed by the Asiamet team to meet Indonesian
regulatory standards for the BKM copper project along with the
Environmental Impact Assessment for the project. Recent infill and
geotechnical drilling is expected to further enhance the BKM
feasibility study in preparedness for external project
financing.
The AMDAL is an environmental and social impact assessment that
the Company formulates as part of the intended project execution
strategy. The Company was required to demonstrate to the GOI and
local communities that it has a sustainable pathway for development
and community engagement as part of the project execution plans.
Overwhelming support was received by from the local community for
the project to progress towards development.
The parallel approval of the AMDAL is a major milestone for the
Company as this process along with subsequent approvals typically
takes between 6-12 months following the approval of the GOI
Feasibility Study. The achievement of this important permitting
milestone simultaneously with approval of the GOI feasibility study
substantially de-risks the timelines for development of the BKM
copper project.
Peter Bird, Asiamet's Chief Executive Officer, commented:
"The approval of the GOI FS is a major milestone for the Company
that has been completed on schedule. Attached to this was the
parallel approval of the AMDAL which has been completed well ahead
of schedule. These milestones set us up well for the production
permits for the project which we would anticipate receiving in late
2019 to early 2020 as per our original planning. Operationally the
infill Resource definition drilling and geotechnical drilling is
now complete (a total of 5,665 metres were drilled, with 37 holes
allocated to resource evaluation and 4 holes to geotechnical
drilling). The information collected from these study work streams
is being progressively fed into the BKM Feasibility Study work
streams.
In a recent Commodity market report by Wood Mackenzie (January
2019), it was stated that the copper supply - demand balance is
predicted to impact copper pricing in a very positive manner over
the coming 24 months. The report suggests the price to move from an
average price of US$2.96/lb in CY2018 (Actual) through to
US$3.28/lb in CY2019 and US$3.85/lb in CY2020. This data is very
consistent with the theme that we have been discussing over the
past 4 years and if realised will have a major impact on the value
of all assets within the copper space. With an overall copper
inventory of 2.4 million attributable tonnes of contained copper
(5.29 billion pounds) in addition to gold, silver, zinc and lead
by-products, Asiamet is very well positioned to capitalise on this
widely expected upward move in copper prices. Within our asset
portfolio the BKM project is very advanced and well positioned to
take advantage of this pricing shift."
ON BEHALF OF THE BOARD OF DIRECTORS
Peter Bird, Deputy Chairman and CEO
For further information, please contact:
-Ends-
Peter Bird
Deputy Chairman and CEO, Asiamet Resources Limited
Telephone: +61 3 8644 1300
Email: peter.bird@asiametresources.com
Tony Manini
Executive Chairman, Asiamet Resources Limited
Telephone: +61 3 8644 1300
Email: tony.manini@asiametresources.com
FlowComms Limited
Sasha Sethi
Telephone: +44 (0) 7891 677 441
Email: Sasha@flowcomms.com
Asiamet Resources Nominated Adviser
RFC Ambrian Limited
Andrew Thomson / Stephen Allen
Telephone: +61 8 9480 2500
Email: Andrew.Thomson@rfcambrian.com /
Stephen.Allen@rfcambrian.com
Berenberg
Matthew Armitt, Detlir Elezi
Telephone: +44 20 3753 3142
Email: Matthew.Armitt@berenberg.com /
Detlir.Elezi@berenberg.com
Liberum
Clayton Bush, Kane Collings
Telephone: +44 7773 322679
Email: Claytong.Bush@liberum.com
Optiva Securities Limited
Christian Dennis
Telephone: +44 20 3137 1903
Email: Christian.Dennis@optivasecurities.com
Follow us on twitter @AsiametTweets
This news release contains forward-looking statements that are
based on the Company's current expectations and estimates.
Forward-looking statements are frequently characterised by words
such as "plan", "expect", "project", "intend", "believe",
"anticipate", "estimate", "suggest", "indicate" and other similar
words or statements that certain events or conditions "may" or
"will" occur. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors that could cause
actual events or results to differ materially from estimated or
anticipated events or results implied or expressed in such
forward-looking statements. Such factors include, among others: the
actual results of current exploration activities; conclusions of
economic evaluations; changes in project parameters as plans
continue to be refined; possible variations in ore grade or
recovery rates; accidents, labour disputes and other risks of the
mining industry; delays in obtaining governmental approvals or
financing; and fluctuations in metal prices. There may be other
factors that cause actions, events or results not to be as
anticipated, estimated or intended. Any forward-looking statement
speaks only as of the date on which it is made and, except as may
be required by applicable securities laws, the Company disclaims
any intent or obligation to update any forward-looking statement,
whether as a result of new information, future events or results or
otherwise. Forward-looking statements are not guarantees of future
performance and accordingly undue reliance should not be put on
such statements due to the inherent uncertainty therein.
This announcement contains inside information as stipulated
under the Market Abuse Regulations (EU) no. 596/2014 ("MAR").
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END
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March 07, 2019 02:02 ET (07:02 GMT)
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