Asiamet Resources Ltd (LON:ARS) has received approval from Bandan Koordinasi Pernanaman Modal, the investment co-ordinating body in Indonesia, for the further exploration permit on its KSK Contract of Work in central Kalimantan.
The company has received approvals from the Ministry of Energy and Mineral Resources, the Ministry of Environment and Forestry, with the final approval now provided by BKPM.
The exploration permit allows the company to undertake further exploration activity on its key target areas over the next two years.
The exploration drilling programme will focus on immediate value delivery through advancing four highly prospective opportunities including some walk-up targets in close proximity to the proposed BKM copper project infrastructure.
These targets have the potential to add significant upside by extending mine life beyond the initial nine years established in the feasibility study. These targets are expected to add heap leachable copper resources to those already defined and create further opportunities for revenue enhancement.
With the ongoing coronavirus pandemic, the company has been quick to respond to measures as outlined by the World Health Organisation to ensure the safety of our employees and contractors are not compromised. This includes social distancing and working from remote locations with ongoing proactive communication.
"The receipt of the exploration permit, coupled with our recent financing and the ongoing process underway with Aeturnum Energy, are all important steps that will enable Asiamet to continue advancing a number of significant value enhancement opportunities at BKM and further position the project as a rare development ready copper asset in the Asian region,” said Asiamet chairman Tony Manini.
“The BKM feasibility study delivered a robust copper project with post-tax NPV of US$124.8mln, life of mine revenue of US$1.27bn and EBITDA of US$563.3mln.”