Asiamet Resources (LON:ARS) announces today the start of feasibility studies upon the Beruang Kanan copper project, BKM deposit, on the island of Kalimantan. A 9,000m infill drill program consisting of 110 drill holes is planned to increase the confidence level and quality of compliant resources to reserves. Pit slope stability will be determined from this data for planned open pit mining. Detailed metallurgical studies will be completed toward final milling and recovery design.
ARS also improved the cash position of the company with a refund of approximately US$1m received from the Indonesian government for VAT charged against services and goods for the years 2006, 2007, 2013, and 2014.
We’re glad to see the work now officially underway to bring the BKM deposit to final production design and are pleased with the top up of cash from the Indonesian government to assist in that effort.
We retain our SPEC BUY recommendation and 6.2p price target.
Petra Diamonds (LON:PDL) has confirmed the date of the auction sale of the Cullinan Dream blue diamond as the 9th of June by Christie’s auction house at Rockefeller Centre, New York, NY, USA. It is a fancy intense blue, apparently the very best quality in blue, of rectangular mixed cut, mounted in a platinum ring, and weighs just over 24 carats. The pre-auction sale estimate for the stone is US$23m to US$29m.