17th Jul 2019 11:02
(Alliance News) - Asiamet Resources Ltd shares climbed slightly Wednesday as the firm received "key" environmental approval for the BKM copper project.
The permit has been issued by the provincial government of the Indonesian island of Kalimantan, where the BKM project is located. This allows Asiamet to begin developing the mine and surrounding infrastructure.
Asiamet said the approval is a "significant" milestone for the company and comes after "many months" work. The licence covers operations from pre-construction, construction, then mining operations, and then decommissioning when the mine closes in future.
Chief Executive Peter Bird said: "Following completion of the BKM feasibility study, Asiamet continues to focus on assessing each of the value enhancement opportunities identified in the feasibility study, further de-risking the BKM project through completion of the remaining permitting milestones, and advancing a range of funding options for ongoing development of both the BKM project and the company's high-quality copper, gold and polymetallic base metals project portfolio.
"The timely receipt of the environmental permit from the Central Kalimantan provincial government is another significant permitting milestone for the company and testament to the ability of our Indonesian team to systematically work with the various regulatory authorities to meet governmental requirements and deliver the permits required to commence development of the BKM."
Asiamet shares were 4.2% higher on Wednesday morning at a price of 4.61 pence each.
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