For Immediate Release London AIM
10 August 2018 Symbol: ARS
Bankable Feasibility Study Update
Asiamet is pleased to advise that the Bankable Feasibility Study (BFS) for the Beruang Kanan Main (BKM) Copper project located in central Kalimantan, Indonesia is nearing completion and is expected to be finalised and delivered by the current quarter.
Over the past 21 months since the Preliminary Economic Assessment (PEA) was released in May 2016 a group of highly experienced industry leading consultants have contributed to delivering a very comprehensive and detailed set of technical and commercial studies in preparation for project financing and development. The major workstreams that are complete or near completion include:
· Regulatory Framework and Approvals
· Strategy and Structure
· Sales and Marketing
· Environment, Community and Stakeholder Relations
· Geology and Mineral Resources
· Geoscience and Hydrology
· Mine Planning and Design
· Metallurgy and Ore Treatment
· Process and Plant Facilities
· Non-Process Infrastructure
· Project Implementation Plan
· Operations Management and Systems
· Workforce Planning
· Transport, Power and Port Facilities
· Risk Assessment, and
· Economic Evaluation
As with any feasibility study the final stages of the process involve significant opportunity for the Company to optimise and improve the economics of the project through value engineering and benchmarking. This stage is critical to providing a sound basis for a successful project financing.
The Asiamet management team along with its consultants are systematically working through the remaining key areas of mine design and planning, heap leach design and capital and operating costs to ensure the best outcomes are captured into the financial models.
Optimisation of the mine plan is almost complete with key inputs being finalised. The heap leach design has undergone extensive review and optimisation with significantly improved expected performance and overall metrics. Capital and operating cost estimates are being benchmarked and will be subject to further review once the mine planning studies are complete shortly.
This final exercise is expected to provide substantial upside for the project and the Company is working meticulously to ensure each piece of the BFS is completed to industry high standards in order to maximise value for shareholders as we enter into the project financing stage.
ON BEHALF OF THE BOARD OF DIRECTORS
Peter Bird, Deputy Chairman and CEO
For further information, please contact:
Telephone: +44 (0) 7891 677 441
Email: [email protected]
Asiamet Resources Nominated Adviser
RFC Ambrian Limited
Andrew Thomson / Stephen Allen
Telephone: +61 8 9480 2500
Neil Elliot, Clayton Bush, Kane Collings
Telephone: +44 7773 322679
Email: [email protected]
Optiva Securities Limited
Telephone: +44 20 3137 1903
Email: [email protected]
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.
This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014 ("MAR").
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.