Asiamet Resources receives BKM government approvals ahead of schedule

Asiamet Resources' shares climbed on Thursday after receiving two very significant approvals for its 100% owned BKM copper project located in Central Kalimantan, Indonesia.

The copper-gold exploration and development outfit said the Government of Indonesia (GOI) has formally approved a feasibility study (FS) for the project along with the environmental impact assessment for the project.

The environmental impact assessment, or AMDAL, would have typically taken between 6-12 months longer than the approval of the GOI Feasibility Study.

Peter Bird, Asiamet's chief executive, said: "The approval of the GOI FS is a major milestone for the company that has been completed on schedule. Attached to this was the parallel approval of the AMDAL which has been completed well ahead of schedule. These milestones set us up well for the production permits for the project which we would anticipate receiving in late 2019 to early 2020 as per our original planning."

Recent infill and geotechnical drilling is expected to further enhance the BKM feasibility study in preparedness for external project financing, according to the AIM traded company.

"With an overall copper inventory of 2.4m attributable tonnes of contained copper (5.29bn pounds) in addition to gold, silver, zinc and lead by-products, Asiamet is very well positioned to capitalise on this widely expected upward move in copper prices. Within our asset portfolio the BKM project is very advanced and well positioned to take advantage of this pricing shift," said Bird.

Asiamet Resources' shares were up 5.26% at 7.00p at 1640 GMT.