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Asiamet hails two key approvals for its BKM copper project

A recent commodity market report by Wood Mackenzie predicted the price of copper would move from an average price of US$2.96/lb in 2018 through to US$3.28/lb in 2019 and US$3.85/lb in 2020
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Asiamet is very well positioned to capitalise on this widely expected upward move in copper prices

Asiamet Resources Limited (LON:ARS) has received two key approvals for its wholly-owned BKM copper project in Central Kalimantan, Indonesia.

The Government of Indonesia (GOI) has formally approved a feasibility study for the project along with the environmental impact assessment (AMDAL) for the project.

READ: Asiamet Resources rallies as analysts predict Chinese copper bonanza

Recent infill and geotechnical drilling is expected to further enhance the BKM feasibility study in preparedness for external project financing, Asiamet said.

The parallel approval of the AMDAL is a major milestone for the company, Asiamet said, as this process along with subsequent approvals typically takes between 6-12 months following the approval of the GOI feasibility study.

“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 four holes to geotechnical drilling),” said Peter Bird, Asiamet's chief executive officer.

“The information collected from these study work streams is being progressively fed into the BKM feasibility study work streams,” he added.


 

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