Asiamet Resources Ltd. (LSE:ARS) announced that it has been granted a production license that is key to advancing its Indonesia-based Beutong copper-gold project toward construction.
Highlights are as follows:
- A major de-risking milestone for the Beutong project securing long-term licence for +20 years
- Beutong is a large high-quality copper, gold, silver, molybdenum deposit which outcrops at surface and remains open in several directions including to depth. Current JORC compliant Resources contain 2.4Mt (5.3BIb) copper, 2.1Moz gold and 20.6Moz silver
- Geology indicates potential for the discovery of a deep high-grade copper-gold zone similar to that seen in some of the giant Asia-Pacific porphyry systems
- Asiamet has a 40% equity interest in the Beutong Project which subject to meeting certain expenditure and site based activity milestones can increase to 80%.
- The Beutong deposit is very well located with respect to existing infrastructure i.e. adjacent to a sealed road and approximately 60km from a large power station and seaport
- The forestry status of the project area is Areal Penggunaan Lain (“APL”) or “forestry other purposes” allowing drilling related development activities to commence immediately
Peter Bird, CEO of Asiamet, commented:
Asiamet is extremely pleased to report receipt of the IUP-OP for its large Beutong copper-gold project. This is a major milestone for the Company which secures long-term licence tenure for Beutong and enables detailed evaluation and development of its second large copper-gold project to progress at a time when the copper market is forecast to move into deficit, copper prices are rising and new projects especially those of considerable scale are in short supply globally. The diligence and hard work of our local team, and especially our partner and the various Indonesian government departments, officials and stakeholders is greatly appreciated.