London-listed Asiamet (AIM:ARS) informed investors of its intention to relocate its corporate head office function from Melbourne to Jakarta, Indonesia.
The copper producer said the move was prompted by a significant increase in activities related to the group’s ongoing asset portfolio which includes the BKM Copper Project.
In a statement, the group said it believed its asset portfolio would be ‘best served’ through the move to Jakarta.
Chief Executive and Deputy Chairman, Peter Bird, will depart the Company effective from Friday 31 January 2020 as part of this transition, the company noted.
Asiamet highlighted that its CFO, James Deo would work alongside Executive Chairman Tony Manini to transition corporate functions over to Jakarta across the next 2-3 months.
Shares in Asiamet Resources were trading 4% lower at 2.4p on Wednesday afternoon.
Meanwhile, the group said a recruitment agency will be appointed to assist Asiamet in filling senior operational management roles in Jakarta.
Manini said the company was in “a strong position” as a result of the delivery of the BKM Feasibility Study and that preparations were set up for the group’s next stage of development.
“These are never easy decisions but it is the Board's firm view that post completion of the BKM studies phase, the major activities relating to permitting, funding and project development are best managed from a Jakarta headquarters,” added Manini.
Financing activities are ongoing and are being led by Manini alongside Deo and the rest of the board, the statement added.
The company detailed that its in-country team were working on securing permits for further drilling and BKM project construction, adding that this would be able to continue uninterrupted.
Asiamet is an emerging copper producer focused on portfolio developments in Indonesia, an area adjacent to the key growth markets in Asia.
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