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Asia Minerals Corporation says that recent Indonesian election results, “felt like a watershed moment for Indonesia and would be welcomed by the country’s business leaders.”
Read the full press release below:
Asia Minerals Corporation, a developing manganese player in Indonesia, has emerged from a period of significant change in the Indonesian mining and political scene with an approved project that fully aligns with government policy.
This week Indonesia moved into a new era of politics with the confirmation of Joko Widodo as President Elect, and in the process reconfirmed itself as a working democracy.
AMC managing director Sean McDaniell said the announcement of the election result felt like a watershed moment for Indonesia and would be welcomed by the country’s business leaders.
“Whilst the election process went through the usual machinations and twists and turns, the various ministries responsible were steadfast and delivered a result that reflects a new path for the country,” he said.
“This, along with recent changes to the mining law, sets AMC on its own path.
“We’ve seen a whole lot more clarity and certainty in the mining space over the past six months and we expect more from a new government this year.”
AMC is one of five companies in Indonesia that have been granted a principal license for downstream development, and is the only company in the manganese sector to have one.
Two other companies with the license began exporting this week after a period of stagnation from the introduction of new regulations in January.
The license paves the way for export of manganese ore whilst the company builds its own processing and refining facilities, providing valuable cash flow during the construction phase.
“We find ourselves in a great position, being able to completely fulfill our own objectives and meet the government’s agenda on value-adding,” McDaniell said.
“It’s hand-in-hand with the government. Additionally the benefits for the local community and economy in the areas we operate are excellent.”
AMC has spent three years to date developing its West Timor project, starting from a grassroots exploration position in late 2011 to meeting the Indonesian Government’s feasibility and technical requirements late last year.
“We’ve spent a good deal of time and money on the project and look forward to unlocking that value from here,” McDaniell said.
“The company now moves from its development phase to an operational platform, which means cash flow and preparation for listing. It’s a good time, a good time for Indonesia and a good time for Asia Minerals.”
Asia Minerals is currently raising capital through Perth corporate advisors Greenwich Equities, ahead of an anticipated listing on the Australian Securities Exchange later this year.
Funds raised will be used to complete drilling programs, implement direct shipping ore operations and further smelter development work.
Further information:
Sean McDaniell
Managing Director
Asia Minerals Corporation
+62 811 940 9915Media
Luke Forrestal
Account Manager
Cannings Purple
+61 411 479 144