The AIM-listed company said it has received approval from the governor of Central Kalimantan, the area where BKM is located, after demonstrating the technical and commercial viability of the project. Asiamet also said it has completed and updated an environmental impact assessment, known as an AMDAL, and as a result, the provincial government and other stakeholders including communities have now provided their support for the project advancing to the development stage.
The company said the completion of these permitting workstreams enables it to commence the conditional approval process for a ‘borrow-to-use forestry permit’, also known as a Pinjam Pakai, which is required to allow commercial activities and mining at BKM.
Asiamet said approval of the permit will be conditional upon fulfilment of several requirements including surveys for rehabilitation, finalisation of a reclamation bond, a memorandum of understanding (MoU) with forestry concession holders, boundary tagging of the borrow-to-use area and supporting facilities and a timber utilisation permit. The firm added that this is the final permit required for it to progress the BKM project to development and construction.
“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”, Asiamet executive chairman Tony Manini said in a statement.
“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”, he added.
Asiamet shares were 6.4% lower at 5.1p in early deals on Monday.