London-listed Asiamet Resources (ARS ) announced this morning that it has received a further key approval for the BKM copper project development, located in Central Kalimantan, Indonesia.
The Company said it has received approval for its revised AMDAL, the Environmental Permit, that allows the BKM copper project to proceed to the final step to secure a forestry borrow-to-use permit ("Pinjam Pakai", or "IPPKH-OP") from the Government of Indonesia.
The company told investors that it has now demonstrated technical and commercial viability to the Governor of Central Kalimantan and has subsequently received this approval.
Following approval, the provincial government and other stakeholders including communities have provided their support to Asiamet for the project advancing to the development stage.
The completion enables ARS to commence the conditional approval process for the Pinjam Pakai, which is required to allow commercial activities and mining at the BKM development.
The completion of these permitting workstreams enables ARS to commence the conditional approval process for the Pinjam Pakai with the Ministry of Environment and Forestry (MoEF).
Approval is dependent on several requirements, from the MoEF, including surveys for rehabilitation, finalising a reclamation bond, MoU with forestry concession holders, boundary tagging of borrow-to-use area and supporting facilities, and a timber utilisation permit. This will be the final permit that will allow ARS to progress to construction of BKM.
Shares in Asiamet Resources have soared over 125% in value in the past three months to open 2.75% lower this morning at 5.25p following the announcement.
Commenting on the key approvals, Asiamet's Executive Chairman, Tony Manini said:
"Achieving these important permitting milestones during COVID-19 where we have had considerable restrictions in the movement of personnel and government officials is a terrific achievement by our local teams in Jakarta and Palangkaraya.
Receiving conditional approval for the Pinjam Pakai permit is a key milestone in the development path of the BKM copper project and each interim approval is an important de-risking step in achieving that major permitting objective for the project.”
He added, “We look forward to keeping stakeholders informed as we continue to progress the BKM copper project towards development at a time of stronger copper prices and investor appetite for new copper opportunities."
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