Asiamet Resources Ltd (LON:ARS) has said it is unaware of any operational or corporate reason for a large price movement that took place on 9 December.
The company also took the opportunity to highlight some of the progress it’s made during 2019.
In particular, the BKM copper project in Indonesia now boasts an ore reserve of 21.1mln tonnes grading 0.6% copper in the proven category, and 30.4mln tonnes grading 0.5% copper in the probably category.
A subsequent feasibility study highlighted the operating parameters of a potential mine at BKM, including an initial nine year production run producing 25,000 tonnes of copper cathode per year, to generate revenue of US$1.27bn.
The company is also currently working up four strategic targets in close proximity to the BKM copper project to further add life through satellite discoveries.
Both of Asiamet’s licences are in full compliance and in good standing. The company is awaiting a drilling permit for further exploration work over the proposed production area to be granted from the government.
At Beutong, the strategy remains to test the deeper targets and the higher grade copper-gold zones of the porphyry system.
And, from a corporate perspective, strategic discussions with respect to partnering continue with highly reputable and interested parties. Asiamet said a number of participants are active in the corporate data room.
The company also noted that global copper inventories are starting to fall, with restocking across Asia providing some short term support to the copper price.