TIDMARS
RNS Number : 0324N
Asiamet Resources Limited
15 May 2020
15 May 2020
Asiamet Receives Key Approval for BKM Copper Project
Asiamet Resources Limited ("Asiamet or the "Company") is pleased
to announce the Company has received a key approval for the BKM
copper project, located in Central Kalimantan, Indonesia. The
Governor of Central Kalimantan provides a recommendation for the
project to proceed to the development and construction phase as
part of the process required to secure a forestry borrow-to-use
permit ("Pinjam Pakai", or "IPPKH-OP") from the Government of
Indonesia.
IPPKH-OP / Pinjam Pakai
The BKM copper project overlaps with a forest area that allows
commercial activities including mining. This overlap requires the
project operator to obtain a 'borrow-to-use forestry permit' (Izin
Pinjam Pakai Kawasan Hutan, IPPKH). To secure the Pinjam Pakai
permit the Company needs to meet a number of requirements including
the following three key milestones:
-- Governor's Recommendation: To achieve this recommendation,
the Company was required to demonstrate that the BKM copper project
is technically viable and commercially robust with the project
delivering a benefit to the local economy and community. Through
the extensive studies and plans undertaken for the BKM feasibility
study and our long term commitment to the local community through
development programs, preferential local employment and procurement
of goods and services, the Company was able to clearly demonstrate
that the BKM copper project would deliver these objectives.
-- Corridor Agreement: The access route from the BKM site to the
intended port facilities utilises roads that have been or are being
used and maintained by forestry concession holders. Asiamet is
required to negotiate multi-user road access and maintenance with
these concession holders. Access agreements of this nature are
standard practice globally and the Company is in advanced
discussions to secure the required agreements.
-- Revised AMDAL: The AMDAL is an environmental impact
assessment prepared by the Company for approval by the Provincial
Government Environmental Agency. As a result of some changes in
project scope such as port location and logistical routes, a number
of surveys are required to update the current AMDAL. This revision
will largely utilise the previous work and data already provided to
the Indonesian Government and completed in the Feasibility
Study.
Movement of personnel and government officials has been limited
in light of Covid-19 and social distancing. The Company continues
to monitor the situation with work on all permitting related
workstreams above progressing with various surveys being scheduled
and undertaken.
Upon completion of these three requirements along with a number
of other administrative documents the Ministry of Environment and
Forestry ('MoEF') is expected to issue a conditional approval for
the Pinjam Pakai. The approval will be conditional upon fulfilment
of several requirements, from the MoEF, including surveys for
rehabilitation, finalisation of a reclamation bond, boundary
tagging of borrow-to-use area and supporting facilities, and a
timber utilisation permit.
Asiamet's Executive Chairman, Tony Manini commented:
"Having recently secured the forestry permit for exploration,
Asiamet is very pleased to have now received the Governor's
recommendation for the Pinjam Pakai permitting process. The
Company's highly capable local teams in Jakarta and Palangkaraya
continue to deliver these important milestones and clearly
demonstrate our ability to continue advancing the BKM copper
project towards final approvals for mine development, despite the
challenges presented by Covid 19. The receipt of this approval from
the Governor is very timely and while the value of this work is
often under-estimated, the receipt of key approvals and permits
serves to significantly de-risk and add substantial value to the
project. The Company is making solid progress on other aspects of
the Pinjam Pakai permitting process and will provide further
updates as information comes to hand."
ON BEHALF OF THE BOARD OF DIRECTORS
Tony Manini, Executive Chairman
For further information, please contact:
-Ends-
Tony Manini
Executive Chairman, Asiamet Resources Limited
Email: tony.manini@ asiametresources .com
Investor Enquiries
Sasha Sethi
Telephone: +44 (0) 7891 677 441
Email: Sasha@flowcomms.com / info@asiametresources.com
Blytheweigh Communications Limited
Tim Blythe/Megan Ray
Telephone: +44 (0)20 7138 3204
Email: Tim.Blythe@blytheweigh.com /
Megan.Ray@blytheweigh.com
Asiamet Resources Nominated Adviser
RFC Ambrian Limited
Bhavesh Patel / Stephen Allen
Telephone: +44 (0)20 3440 6800
Email: Bhavesh.Patel@rfcambrian.com / Stephen.Allen@rfcambrian.com
Berenberg
Matthew Armitt, Detlir Elezi
Telephone: +44 20 3207 7800
Email: Matthew.Armitt@berenberg.com / Detlir.Elezi@berenberg.com
Liberum
Clayton Bush, Kane Collings
Telephone: +44 20 3100 2000
Email: clayton.bush@Liberum.com
Optiva Securities Limited
Christian Dennis
Telephone: +44 20 3137 1903
Email: Christian.Dennis@optivasecurities.com
Follow us on twitter @AsiametTweets
FORWARD-LOOKING STATEMENT
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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