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Asiamet Resources explores BKM finance options

Asiamet is working towards a bankable feasibility study at BKM and is looking for funds to help finance this.

picture of copper tubes
BKM is potentially one of the world's low cost mines

Copper explorer Asiamet Resources Limited (LON:ARS) says it is exploring approaches from several potential partners for its BKM project in Kalimantan, Indonesia.

A partnership would be either through off-take agreements or equity, it said.

Asiamet is working towards a bankable feasibility study at BKM and is looking for funds to help finance this.

WATCH: Zak Mir on Asiamet

The junior added that subject to receipt of a forestry permit and funding, it would also drill additional holes into the high grade base metal vein system at Baroi prospect to see if this can be a stand-alone deposit.

The aim is to develop a ten year mine life years at BKM producing 25,000 tonnes of copper per year.

A preliminary study indicated it would be among the lowest cost operations anywhere, with cash costs of US$1.28 per pound.

Losses in 2016 were US$3.8mln (US$7.4mln), while Asiamet closed the period with cash of US$1.75mln with a further US$700,000 to come from the sale of the Jelai project. 

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Price: 1.225 GBX

Market: AIM
Market Cap: £11.36 m

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