Important Environmental Approval Received for BKM

4 January 2021

Important Environmental Approval Received for BKM Copper Project

Asiamet Resources Limited ("Asiamet or the "Company") is pleased to announce the Company has received a further key approval for the BKM copper project development, located in Central Kalimantan, Indonesia. 

Approval for the Company's revised AMDAL, the Environmental Permit, that allows the 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.

IPPKH-OP / Pinjam Pakai

The BKM copper project overlaps with a forest area that allows commercial activities including mining.  This overlap requires the project operator to obtain a 'borrow-to-use forestry permit' (Izin Pinjam Pakai Kawasan Hutan, IPPKH).   To secure the 'conditional approval' of the Pinjam Pakai permit the Company has satisfied the following key milestones:

·    Governor's Recommendation - COMPLETED: The Company has demonstrated technical and commercial viability to the Governor of Central Kalimantan and has subsequently received this approval.  This was an extensive process with many inter-departmental approvals required for environment, technical, financial and community development needs all being satisfied for the BKM Copper Project.

·    Revised AMDAL - COMPLETED:  The AMDAL is an environmental impact assessment prepared by the Company for approval by the Provincial Government Environmental Agency in Central Kalimantan.  As a result of some changes in project scope such as port location and logistics routes, a number of surveys and an extensive stakeholder and community engagement process was required to update the AMDAL.  The provincial government and other stakeholders including communities have now provided their support for the project advancing to the development stage.

The completion of these permitting workstreams enables the Company to commence the conditional approval process for the Pinjam Pakai with the Ministry of Environment and Forestry (MoEF).  The approval will be conditional upon fulfilment of several requirements, from the MoEF, including surveys for rehabilitation, finalisation of a reclamation bond, MoU with forestry concession holders, boundary tagging of borrow-to-use area and supporting facilities, and a timber utilisation permit.  This is the final permit that allows the Company to progress to development and construction of the BKM Copper project.

Asiamet's Executive Chairman, Tony Manini commented:

"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. 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."   

ON BEHALF OF THE BOARD OF DIRECTORS

Tony Manini, Executive Chairman

For further information, please contact:

-Ends-

Tony Manini
Executive Chairman, Asiamet Resources Limited
Email: tony.manini@asiametresources.com

Investor Enquiries

Sasha Sethi

Telephone: +44 (0) 7891 677 441

Email: Sasha@flowcomms.com / info@asiametresources.com

Blytheweigh Communications Limited

Tim Blythe/Megan Ray

Telephone: +44 (0)20 7138 3204

Email: Tim.Blythe@blytheweigh.com / Megan.Ray@blytheweigh.com

Asiamet Resources Nominated Adviser
RFC Ambrian Limited

Bhavesh Patel / Stephen Allen

Telephone: +44 (0)20 3440 6800

Email: Bhavesh.Patel@rfcambrian.com / Stephen.Allen@rfcambrian.com 

Optiva Securities Limited
Christian Dennis

Telephone: +44 20 3137 1903

Email: Christian.Dennis@optivasecurities.com

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FORWARD-LOOKING STATEMENT

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").