Asiamet Resources Ltd (LON:ARS) is continuing to advance all the key technical, permitting and commercial workstreams required to de-risk its BKM copper project in Indonesia. That work forms a key component of the company’s preparation for the project financing stage.
Asiamet's in country external relations team continues to progress the 'borrow-to-use' forestry permit for BKM.
One of the three key requirements to achieve the conditional approval for the Pinjam Pakai has been obtained and further progress is being made on the environmental and social impact assessment revision.
In parallel the company is working to establish a Corridor Agreement through a multi-user road access and maintenance MoU with various forestry concession holders.
As coronavirus-related travel restrictions are progressively lifted the company will be increasing the momentum of its value enhancement and optimisation work on the BKM copper project.
A highly experienced project manager, Andrew Neale, has been appointed to lead this work commencing on 1 July. The planned program will evaluate both the value enhancement opportunities identified in the BKM bankable feasibility study and a number of additional initiatives with the potential significantly to lift the current robust economics of the BKM project.
The completion of these workstreams are important de-risking and optimisation drivers in preparing for project financing.
Separately, Asiamet has received a confidential offer from its 19.9% shareholder Aeturnum Energy PTE Ltd to acquire a majority position in the KSK project. Both parties remain engaged and negotiations with Aeturnum continue and a revised offer for the KSK contract of work is expected shortly.