(Alliance News) - Asiamet Resources Ltd said Wednesday it has signed a memorandum of understanding with China Nonferrous Metal Mining Group Co Ltd for the provision of services for the Beruang Kanan Main copper project in Central Kalimantan, Indonesia.
Shares in Asiamet Resources were up 5.5% at 3.80 pence on Wednesday in London. China Nonferrous was untraded at 9.15p.
China Nonferrous is mainly engaged in the mining and smelting of non-ferrous metals, but also has international project contracting capabilities.
Under the memorandum, China Nonferrous's subsidiary, China Nonferrous Metal Industry's Foreign Engineering & Construction Co Ltd will provide engineering, procurement and construction management services over the project.
China Nonferrous will also undertake a detailed evaluation of the technical and financial aspects of the BKM project, and propose several solutions for the engineering components of the proposed BKM mine development.
"The signing of this MOU with China NFC represents an important strategic milestone for Asiamet and we are extremely pleased to have the opportunity to work with one of China's leading mining, processing and contracting companies on the next stage of development of the BKM project," said Executive Chair Tony Manini.
"Engaging the services of such a highly credentialled Chinese Company to provide support for the value engineering phase is expected to enhance the overall economics and executability of the BKM project and provide access to a wider investor network in Asia," Manini added.
Asiamet Res (ARS)
China Nonferr (CNG)