London-listed Asiamet has been given the environmental go-ahead for the BKM copper project, in Central Kalimantan, Indonesia, allowing the company to proceed with the development of the project, mine and infrastructure.
The company hailed the provincial environmental permit as a “significant milestone” and said that the permitting process in Indonesia was well structured.
The next major regulatory milestone required for the commencement of project development is receipt of the Pinjam Pakai or ‘borrow and use’ permit from the Indonesia Forestry Department. Work was under way to secure a number of the sub-permits required to fulfil the requirements of the Pinjam Pakai.
"Following completion of the BKM feasibility study, Asiamet continues to focus on assessing each of the value enhancement opportunities identified in the bankable feasibility study, further de-risking the BKM project through completion of the remaining permitting milestones, and advancing a range of funding options for ongoing development of both the BKM project and the company's high-quality copper, gold and polymetallic base metals project portfolio,” said CEO Peter Bird.
The June 2019 feasibility study confirmed a robust copper project, based on openpit mining and solvent extraction-electrowinning copper heap leach processing.
The mine, which is expected to require $192-million in capital, will produce 25 000 t/y of copper cathode over nine years, generating life-of-mine revenue of $1.27-billion.
The feasibility study delivered a post-tax net present value of $133.5-million and an internal rate of return of 19.5%.