Released: Thursday 28th May 2020, 12:00 BST
Asiamet Resources Limited is listed on the AIM market of the London Stock Exchange. The Company is an emerging copper producer focused on the development of a portfolio of large copper, copper-gold and polymetallic deposits in Indonesia, adjacent to the key growth markets in Asia.
While many junior miners opt for hibernation in the midst of the COVID-19 pandemic, AIM-listed Asiamet has managed to shore up its balance sheet with a £3.36 million private placement and maybe on the verge of securing a partner for its BKM copper project in Indonesia.
Singapore-based commodities trader Aeturnum Energy agreed to take a 19.9% stake in Asiamet late March and according to Asiamet director and executive chairman Tony Manini, a project-level deal is now under consideration.
Asiamet released a feasibility study for BKM in June 2019, which showed an initial nine-year mine life, producing up to 25,000t of copper cathode based on proved and probable ore reserves of 51.5Mt at 0.6% copper.
Sitting behind the Feasibility Stage BKM is Asiamet's Beutong Project which is a large, high-quality, copper-gold porphyry with current JORC compliant Resources containing 2.43Mt (5.3Blb) copper, 2.11Moz gold and 20.9Moz silver on a 100% basis.
The Beutong project represents a rare advanced development stage globally significant copper opportunity given its scale and location close to the coast, proximity to excellent infrastructure, production licence tenure and proximity to the key Asian consumer markets.