(Alliance News) - Asiamet Resources Ltd on Wednesday announced the departure of Chief Executive & Deputy Chair Peter Bird following an office move.
Asiamet is planning on moving its head office to Jakarta from Melbourne. The firm's flagship BKM copper project in Indonesia would be best served by the office move, Asiamet said.
As a result, Bird will be stepping down from both roles and leaving the company at the end of January.
Executive Chair Tony Manini said: "The company is now in a strong position as a result of the delivery of the BKM feasibility study and the establishment of management systems and processes that have been put in place by the Melbourne team to set the company up for its next stage of development.
"These are never easy decisions but it is the board's firm view post-completion of the BKM studies phase, the major activities relating to permitting, funding and project development are best managed from a Jakarta headquarters. On behalf of the board I would like to thank Peter and his small team in Melbourne for their dedication and hard work over the past few years and wish them well in their future endeavours."
Th feasibility study for BKM suggested an initial nine-year life of mine, producing up to 25,000 tonnes of copper cathode per year. This would deliver revenue of USD1.27 billion and earnings before interest, tax, depreciation, and amortisation of USD563.3 million.
Shares were 3.0% lower on Wednesday morning in London at a price of 2.42 pence each.
By George Collard; georgecollard@alliancenews.com
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Asiamet Res (ARS)