TIDMARS
RNS Number : 6875R
Asiamet Resources Limited
30 October 2023
30 October 2023
Corporate Update
Asiamet Resources Limited ("Asiamet" or the "Company") announces
a further update in relation to the Company's wholly owned,
feasibility stage, BKM copper project located in Central
Kalimantan, Indonesia.
Debt Finance Process
-- The final version of the Independent Technical Expert (ITE)
report from SRK Consulting has been issued and delivered to the
prospective Lead Bank. The bank will now commence its commercial
and financial analysis leading to the request for initial credit
committee approval to act as lead arranger for the BKM project debt
finance.
-- Pathway meetings for completion of prospective Lead Bank
credit committee approvals have been held and remain ongoing. All
parties are focused on delivering this initial approval before end
of this calendar year.
-- Based on progress to date, the Company intends to engage with
selected Indonesian banks as part of our broader funding progress.
The Company will leverage off board members' long-established
relationships with leading local banks to execute the funding
plan.
Offtake and Prepayment Financing
-- Discussions for prepayment (offtake) finance for the project
continue with a detailed review of the indicative term sheet
completed and feedback to be provided to the international metals
trading group.
-- Several prospective prepayment (offtake) finance providers
remain actively engaged with another two groups recently commencing
diligence.
EPC Engagement
-- Following significant engagement with Chinese and Indonesian
engineering, procurement and construction (EPC) and EPC management
(EPCM) groups, the Company intends to soon engage highly reputable
engineering teams from both jurisdictions to deliver the next phase
of project engineering works. The Company looks forward to updating
the market further once these appointments have been made.
Other Items
-- The Company is progressing a detailed assessment of sources
of suitable Biomass material from Palm Oil Plantations, Palm Oil
Mills and Timber Processing Facilities for the proposed Biomass
Power Plant to supply power to the BKM site. The assessment will
feed into optimisation of the location of the power station.
-- Pyrite (iron sulphide mineral) contained within the BKM
copper resource has the potential to be an important source of
sulphur for production of sulphuric acid needed for the
ever-increasing production of nickel in Indonesia using acid leach
processing (HPAL). A pyrite/copper concentrate resource has the
potential to be a valuable future source of feedstock for acid
plants tied to HPAL processing of nickel laterites. Cost-effective
transportation is key to unlocking the value of this resource and a
work programme has been initiated to study transportation costs for
concentrate from BKM to known locations of HPAL nickel processing
in the country.
-- A preliminary technical review relating to pyrite contained
within BKM deposit has been undertaken and a workplan developed to
improve confidence in the resource. This work will be actioned upon
receipt of a positive transportation cost study. This work feeds
into the longer- term strategy for developing BKM's greater copper
resources and eventually metal concentrates from BKZ and other
polymetallic deposits at KSK. Further details will be reported as
work is completed.
Darryn McClelland, Chief Executive Officer, commented:
"Our primary message in this latest update centres on the
completion and delivery of the ITE technical due diligence report,
a crucial step in the debt finance process. As debt financings of
this nature are generally supported by a syndicate of banks, we
will shortly commence engaging with senior Indonesian banks most
likely to join the BKM project debt finance consortium. We look
forward to moving through this next stage of the project financing
process.
In addition to the copper offtake term sheet, we have received
further interest from additional groups expressing a desire to
secure BKM's future copper cathode units and are advancing due
diligence processes with these parties. Engagement is positive and
we will update further as these discussions evolve.
An area of key focus is the engagement of engineering resources
for the next phase of the BKM project execution. Positive
engagement with groups during the BKM Feasibility Study update and
in activities since its release have provided confidence in
selecting key groups to take the project forward. I look forward to
soon being able to share details of these engagements.
Our project and corporate fronts are a hive of activity, and we
are committed to providing regular updates on progress. The
corporate development team is also very actively assessing and
evaluating in-bound interest for a range of scenarios relating to
project and corporate level investment.
October has been another very busy month for the Company with
the successful delivery of the ITE report to the potential lead
bank, a key milestone for securing debt finance and a clear
demonstration of the excellent progress being made by the Asiamet
team. We have made some big strides and are excited to be closing
in on several major de-risking milestones for the Company and its
stakeholders."
ON BEHALF OF THE BOARD OF DIRECTORS
Darryn McClelland, Chief Executive Officer
-Ends-
For further information, please contact :
Darryn McClelland
Chief Executive Officer, Asiamet Resources Limited
Email: darryn.mcclelland@asiametresources.com
Tony Manini
Executive Chairman, Asiamet Resources Limited
Email: tony.manini@asiametresources.com
Investor Enquiries
Sasha Sethi
Telephone: +44 (0) 7891 677 441
Email: Sasha@flowcomms.com / info@asiametresources.com
Nominated & Financial Adviser
Strand Hanson Limited
James Spinney / James Dance / Rob Patrick
Telephone: +44 20 7409 3494
Email: asiamet@strandhanson.co.uk
Broker
Optiva Securities Limited
Christian Dennis
Telephone: +44 20 3137 1903
Email: Christian.Dennis@optivasecurities.com
Follow us on twitter @AsiametTweets
FORWARD-LOOKING STATEMENT
This news release contains forward-looking statements that are
based on the Company's current expectations and estimates.
Forward-looking statements are frequently characterised by words
such as "plan", "expect", "project", "intend", "believe",
"anticipate", "estimate", "suggest", "indicate" and other similar
words or statements that certain events or conditions "may" or
"will" occur. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors that could cause
actual events or results to differ materially from estimated or
anticipated events or results implied or expressed in such
forward-looking statements. Such factors include, among others: the
actual results of current exploration activities; conclusions of
economic evaluations; changes in project parameters as plans
continue to be refined; possible variations in ore grade or
recovery rates; accidents, labour disputes and other risks of the
mining industry; delays in obtaining governmental approvals or
financing; and fluctuations in metal prices. There may be other
factors that cause actions, events or results not to be as
anticipated, estimated or intended. Any forward-looking statement
speaks only as of the date on which it is made and, except as may
be required by applicable securities laws, the Company disclaims
any intent or obligation to update any forward-looking statement,
whether as a result of new information, future events or results or
otherwise. Forward-looking statements are not guarantees of future
performance and accordingly undue reliance should not be put on
such statements due to the inherent uncertainty therein.
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END
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October 30, 2023 03:05 ET (07:05 GMT)
Asiamet Resources (LSE:ARS)
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