Relocates Head Office to Jakarta, Indonesia
22 January 2020
Asiamet Relocates Head Office and Corporate Function to Jakarta, Indonesia
Asiamet wishes to advise that following on from a review of its operations and the development path for the Company going forward, it intends to relocate its corporate head office function from Melbourne, Australia to Jakarta, Indonesia commencing immediately.
While there are a number of drivers for the relocation, the Asiamet Board considers that a significant increase in corporate and project activities relating to ongoing funding and development of the Company's asset portfolio, in particular the nearer term BKM Copper Project, is best served by moving the Corporate head office to Jakarta.
As part of this transition, CEO and Deputy Chairman Mr Peter Bird will depart the Company effective Friday 31 January 2020.
Chief Financial Officer, Mr James Deo will continue to work with Executive Chairman Tony Manini to transition the corporate functions to Jakarta over the next 2-3 months and a recruitment agency will be appointed to assist the Company with a search process to fill senior operational management roles in Jakarta. James will continue in his current role until the Jakarta operational team is fully established and the transition of all corporate functions and activities is complete.
The Asiamet in-country team remains highly focussed on advancing the extensive processes required to secure the permits for further drilling and BKM project construction, and these activities will continue uninterrupted reporting directly to the Executive Chairman. Intensive ongoing financing activities are being led by the Executive Chairman, supported by the CFO and Board.
Executive Chairman Mr Tony Manini said "the Company is now in a strong position as a result of the delivery of the BKM Feasibility Study and the establishment of management systems and processes that have been put in place by the Melbourne team to set the Company up for its 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. On behalf of the Board I would like to thank Peter and his small team in Melbourne for their dedication and hard work over the past few years and wish them well in their future endeavours."
ON BEHALF OF THE BOARD OF DIRECTORS
Tony Manini, Executive Chairman
For further information, please contact:
Telephone: +44 (0) 7891 677 441
Email: [email protected]
Blytheweigh Communications Limited
Tim Blythe/Megan Ray
Telephone: +44 (0)20 7138 3204
Asiamet Resources Nominated Adviser
RFC Ambrian Limited
Bhavesh Patel / Stephen Allen
Telephone: +44 (0)20 3440 6800
Matthew Armitt, Detlir Elezi
Telephone: +44 20 3207 7800
Clayton Bush, Kane Collings
Telephone: +44 20 3100 2000
Email: [email protected]
Optiva Securities Limited
Telephone: +44 20 3137 1903
Email: [email protected]
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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.
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