Asiamet Resources Ltd (AIM:ARS, OTC:KMGLF, FRA:0FK), the AIM-listed mining company, saw its shares surge 10% to 1.7p after receiving a key regulatory approval from China for the sale of its KSK copper project in Indonesia.
China's State-owned Assets Supervision and Administration Commission (SASAC), the body that oversees state-owned enterprises, has cleared the transaction, removing a significant hurdle for the deal agreed in November 2025.
Under the terms of that agreement, Asiamet is selling its interest in Indokal Limited, the vehicle that holds a 100% indirect stake in the KSK project, to Norin Mining (Hong Kong) Limited, a Chinese state-backed buyer.
Shareholders approved the transaction in January.
Completion now hinges on the satisfaction of remaining conditions, principally the relevant Indonesian regulatory processes, which the company said were continuing to progress.
The KSK project, located in Central Kalimantan, is one of the more advanced undeveloped copper assets in Southeast Asia, a region attracting growing interest from Chinese buyers seeking to secure long-term supplies of the metal, which is central to electrification and energy transition infrastructure.
Chief executive Darryn McClelland said good progress was being made and that further updates were expected shortly.