Asiamet Resources Ltd. (LON:ARS) said it intends to relocate its corporate head office function to Jakarta, Indonesia from Melbourne, Australia commencing immediately following on from a review of its operations.
In a statement, the group noted: “While there are a number of drivers for the relocation, the Asiamet Board considers that a significant increase in corporate and project activities relating to ongoing funding and development of the Company's asset portfolio, in particular the nearer term BKM Copper Project, is best served by moving the Corporate head office to Jakarta.”
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As part of this transition, it added, the group’s CEO and deputy chairman Peter Bird will depart the company effective Friday 31 January 2020.
The group said its chief financial officer, James Deo will continue to work with executive chairman Tony Manini to transition the corporate functions to Jakarta over the next 2-3 months and a recruitment agency will be appointed to assist the company with a search process to fill senior operational management roles in Jakarta.
The company added that Deo will continue in his current role until the Jakarta operational team is fully established and the transition of all corporate functions and activities is complete.
Manini said that Asiamet “is now in a strong position as a result of the delivery of the BKM Feasibility Study and the establishment of management systems and processes that have been put in place by the Melbourne team to set the Company up for its next stage of development.”
He added: “These are never easy decisions but it is the Board's firm view that post completion of the BKM studies phase, the major activities relating to permitting, funding and project development are best managed from a Jakarta headquarters. On behalf of the Board I would like to thank Peter and his small team in Melbourne for their dedication and hard work over the past few years and wish them well in their future endeavours."
Asiamet said it remains highly focused on advancing the extensive processes required to secure the permits for further drilling and BKM project construction, and these activities will continue uninterrupted reporting directly to Manini, with intensive ongoing financing activities being led by the executive chairman, supported by the CFO and board.