13th Mar 2020 12:11
(Alliance News) - Miner Asiamet Resources Ltd on Friday said that the "fundamentals" of the copper market are still strong, despite prices being hurt by the spread of Covid-19 and the US and China trade war.
Asiamet added that its licences and tenures in its BKM and Beutong projects "are in compliance with Indonesian regulations and in good standing".
The two projects make up the "KSK contract of work", which the company said as attracted the attention of potential "strategic partners".
Executive Chair Tony Manini said: "While the copper market continues to be impacted by a number of macro factors including the US-China trade war and more immediately the coronavirus outbreak, the longer-term fundamentals remain very strong."
In BKM, a copper project, a feasibility study was completed in back in June it "robust outcomes", showing an initial nine-year life of mine with up to 25,000 tonnes of copper cathode per year.
Asiamet is awaiting regulatory approval before beginning a drill programme at the asset.
At Beutong, a copper and gold asset, Asiamet said the focus will soon turn to metallurgical test work, to assess which mining method works best.
"The Beutong project represents a rare advanced development stage copper opportunity given its scale and location close to the coast, proximity to excellent infrastructure, production licence tenure and proximity to the key Asian consumer markets," Asiamet said.
The company added: "The Beutong project represents a rare advanced development stage copper opportunity given its scale and location close to the coast, proximity to excellent infrastructure, production licence tenure and proximity to the key Asian consumer markets."
Shares in the company were 1.3% higher at 1.16 pence each in London on Friday morning shortly before midday.
By Eric Cunha; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Asiamet Res