(Alliance News) - Asiamet Resources Ltd on Friday said it is making progress on its project in Indonesia.
The AIM-listed copper producer all field based activities including drilling are on hold and all personnel have been working from home amid the Indonesian government response to Covid-19.
While field activities have been suspended, Asiamet said it has continued to advance all the key technical, permitting and commercial workstreams required to de-risk the BKM project in preparation for the project financing stage.
Thecompany said it will commence the work in July after Covid-related travel restrictions will be lifted. The planned program will evaluate both the value enhancement opportunities identified in the BKM bankable feasibility study and also investigate a number of additional initiatives with the potential to significantly 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, Asiamet highlighted.
"The company continues advancing the BKM project through the permitting and value engineering stages towards project financing," said Executive Chair Tony Manini.
"Asiamet anticipates a period of strong news flow in the second half of 2020 as Covid restrictions are progressively lifted and the BKM project related technical and permitting activities ramp up," added Manini.
Asiamet shares were trading 3.2% higher in London on Friday at 3.20 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Asiamet Res (ARS)