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Asiamet shines as it receives key permit for BKM copper project

The miner said the environmental permit was a “significant milestone” for BKM and a testament to its ability to work with the Indonesian authorities

Indonesian flag
BKM is located in the Indonesian province of Central Kalimantan

Asiamet Resources Ltd (LON:ARS) shares surged on Wednesday after it received a key permit for its BKM copper project in Indonesia.

The AIM-listed miner said the environmental permit, issued by the provincial government of Central Kalimantan, will allow it to proceed with the development of the BKM mine and infrastructure associated with the project through to closure of operations.

READ: Asiamet Resources to prioritise ‘value adding opportunities’ now that feasibility is clear

Asiamet hailed the approval as a “significant milestone”, with the next major regulatory requirement to be a “borrow and use” permit from the Government of Indonesia Forestry Department.

The company said work was now underway to secure a number of sub-permits to fulfil the criteria for the new document.

Peter Bird, Asiamet's chief executive, said that following the completion of a feasibility study for the project, the firm was continuing to focus on “de-risking” BKM by achieving the remaining permitting milestones while also “advancing a range of funding options” to push development forward.

He added that the granting of the recent permit was “testament” to the company’s ability to work with the Indonesian authorities and secure the approvals needed to develop BKM.

The shares were 6.2% higher at 4.7p in early deals.

Quick facts: Asiamet Resources

Price: 2.4 GBX

Market: AIM
Market Cap: £22.26 m

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