Asiamet Resources (ARS) has reached an agreement to sell its interest in the KSK copper project in Indonesia to Norin Mining (Hong Kong) Limited for US$105 million in cash.
Because of the size of the disposal relative to Asiamet’s own market capitalisation, the transaction is deemed a fundamental change of business for the purposes of Rule 15 of the Aim Rules and is therefore conditional upon the approval of shareholders.
Asiamet will accordingly hold a general meeting on 29 January 2026. The board has recommended that shareholders vote in favour of the transaction.
Shareholders representing 53.3 per cent of Asiamet's issued share capital have irrevocably undertaken to vote in favour.
The stated intention is that the net proceeds shall be substantially utilised to effect a cash distribution to shareholders following completion.
"This is a landmark transaction for Asiamet and its shareholders,” said Asiamet’s chairman Tony Manini.
“The sale of our interest in the KSK project to Norin Mining represents the culmination of many years of work to advance this asset to a stage where it is ready to be developed into an operating mine by a well-capitalised and technically capable copper producer. The Asiamet board considers the agreed value fairly reflects the current stage, quality and potential of the project and delivers a strong return for our shareholders."
View from Vox
Shares in Asiamet jumped by nearly 60% on the news, taking the market capitalisation to around £60 million. Allowing that there might be some execution risk, that still seems to leave some wriggle room on the upside. Asiamet does have other projects, so it’s likely to keep some cash back, but from the tone of the release, shareholders will be the substantial and immediate beneficiaries of the cash influx. More proof that the mining equity markets have come alive again in 2025.