By Romel S. Gurky
UK-listed mining firm Asiamet Resources Limited announced on Friday that all major engineering and technical studies necessary to deliver the optimised Definitive Feasibility Study (DFS) for the company's flagship BKM Copper Project, located in Central Kalimantan, Indonesia are complete.
At the recommendation of the prospective lenders, the company is currently finalising supplementary analysis on power supply to ensure alignment with lender financing criteria. This final piece of analysis is expected to be delivered shortly and marks the last significant component of the DFS.
Key Highlights:
• Engineering Completed: All major engineering and project definition work is now complete, significantly reducing overall project risk and substantially enhancing execution certainty.
• Streamlined Project Design: Comprehensive re-engineering of BKM has created a streamlined, lower capital cost project with significantly reduced construction complexity and associated risks.
• Strong Lender Engagement: Active and ongoing engagement with multiple lending institutions highlights solid interest for financing the optimised BKM project package.
• Power Supply: Supplementary work on power supply suggested by prospective lenders is nearing completion.
• Permits: exploration permit and annual work plan approved for limestone resource drill programme to provide local lime source for neutralisation in copper process plant and water treatment.
• Value-Upside Potential: Delivering the BKM optimised DFS and project financing substantially de-risks project development. BKM is the key to unlocking the substantial intrinsic value within the highly prospective KSK Contract of Work (CoW).
Upon completion of the additional power supply analysis, the company anticipates providing shareholders with a confirmed date for publication of the DFS.
Read also: Asiamet nears completion of BKM study for project financing
CEO, Darryn McClelland, commented: “We have reached the final stage of a detailed project optimisation process, incorporating direct feedback from prospective lenders to deliver a lower-risk, economically compelling project. The additional work on power supply is the final input required to complete the DFS. The Company is pleased with the high level of engagement from prospective lenders interested in financing the project.
The extensive engineering and optimisation work delivers a robust and construction-ready project into a market hungry for new, strategically positioned copper supply. We look forward to publishing the optimised BFS shortly and promptly advancing into the formal financing phase. With this pivotal milestone imminent, Asiamet is well positioned to unlock substantial shareholder value from our flagship BKM Project and broader growth potential within the KSK Contract of Work.”
The BKM project has been undergoing optimization efforts since late 2024, following fundraising and engineering improvements by Rexline Engineering and BGRIMM. Asiamet has also worked with PT Prosys Bangun Persada for project planning and management inputs. The project remains on schedule to finalize cost estimates and financial modeling before proceeding with financing and construction planning in 2025.
The BKM Copper Project is designed to produce 15,000-20,000 tons of copper cathode per year, with an initial mine life of over 13 years. The company will soon release further details through investor presentations and market engagements, paving the way for final investment decisions (FID) and construction activities.
Editing by Reiner Simanjuntak
