Last checked at 17 Jul 2019 07:00
17 July 2019
Asiamet Receives Key Environmental Approval for BKM Copper Project
Asiamet ("ARS" or the "Company") is pleased to announce the receipt of a key permit for its 100% owned BKM copper project ("BKM") located in Central Kalimantan, Indonesia. The Environmental permit, issued by the Provincial Government of Central Kalimantan allows the Company to proceed with the development of the BKM project mine and infrastructure including supporting activities, through to closure of operations.
This is a significant milestone for the Company and represents many months of work by the team in Indonesia. Specifically the Environmental permit has been granted for the entire KSK Contract of Work (39,443 hectares). It allows the Company to undertake activities for the following work phases:
· Pre-Construction - including exploration, general use of land and public consultation.
· Construction - including mobilisation and demobilisation of equipment, undertaking necessary clearing land for construction of mine and supporting infrastructure, construct and improve quality of roads where required, employ operational workforce.
· Operations - including, stripping off top soil, drilling and blasting activities, loading and hauling including mining activities to extract copper ore, processing of ore including all leaching activities, and transport of finished goods
· Post Operations - including, demobilisation of equipment, demobilisation of infrastructure as required and reclamation activities.
The permitting process in Indonesia is well structured and systematic, similar to other established mining jurisdictions globally and Asiamet's highly experienced in-country team has worked diligently with the various government departments to secure all the major approvals required to date. The next major regulatory milestone required for the commencement of project development is receipt of the Pinjam Pakai or "borrow and use" permit from the Government of Indonesia Forestry Department. Work is now underway to secure a number of the sub-permits required to fulfil the requirements of the Pinjam Pakai.
Through the support of its long established and internationally recognised community development fund "Yayasan Tambuhak Sinta", Asiamet maintains excellent relationships and strong local community support for the KSK project, a critical element to successfully advancing through the permitting regime.
Peter Bird, Asiamet's Chief Executive Officer, commented:
"Following completion of the BKM Feasibility Study, Asiamet continues to focus on assessing each of the value enhancement opportunities identified in the BFS, further de-risking the BKM project through completion of the remaining permitting milestones, and advancing a range of funding options for ongoing development of both the BKM project and the Company's high quality copper, gold and polymetallic base metals project portfolio.
The timely receipt of the Environmental Permit from the Central Kalimantan Provincial Government is another significant permitting milestone for the Company and testament to the ability of our Indonesian team to systematically work with the various regulatory authorities to meet governmental requirements and deliver the permits required to commence development of the BKM."
ON BEHALF OF THE BOARD OF DIRECTORS
Peter Bird, Deputy Chairman and CEO
For further information, please contact:-Ends-
Peter BirdDeputy Chairman and CEO, Asiamet Resources LimitedTelephone: +61 3 8644 1300Email: peter.bird@asiametresources.com
Tony ManiniExecutive Chairman, Asiamet Resources LimitedTelephone: +61 3 8644 1300Email: tony.manini@asiametresources.com
FlowComms Limited
Sasha Sethi
Telephone: +44 (0) 7891 677 441
Email: Sasha@flowcomms.com
Asiamet Resources Nominated AdviserRFC Ambrian Limited
Andrew Thomson / Stephen Allen
Telephone: +61 8 9480 2500
Email: Andrew.Thomson@rfcambrian.com / Stephen.Allen@rfcambrian.com
Berenberg
Matthew Armitt, Detlir Elezi
Telephone: +44 20 3753 3142
Email: Matthew.Armitt@berenberg.com / Detlir.Elezi@berenberg.com
LiberumClayton Bush, Kane Collings
Telephone: +44 7773 322679
Email: Clayton.Bush@liberum.com
Optiva Securities LimitedChristian Dennis
Telephone: +44 20 3137 1903
Email: Christian.Dennis@optivasecurities.com
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This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterised by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014 ("MAR").