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Asiamet appoints experienced general manager for KSK, as work accelerates ahead of financing talks

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Asiamet Resources Ltd (LON:ARS) has appointed Andrew Neale as general manager for the KSK copper project in Indonesia.

Neale is a highly experienced metallurgist. He has worked on numerous copper and gold projects in Indonesia and globally with Freeport McMoran, Merdeka Copper Gold and Bumi Resources.

Neale is based in Jakarta and will manage all aspects of the pre-development technical works and permitting required to prepare BKM, which lies within KSK, for construction and operations.

Separately, NewPro Consulting and Engineering Services Pty Ltd, based in Perth, Australia have been retained by Asiamet to complete an assessment of capital and operating cost estimates for an alternate concentrate-tank leach process flowsheet.

NewPro is working together with the developers of the Galvanox® tank leaching technology to evaluate a similar process to that which has been used very successfully at the Sepon copper mine in Laos over the past 15 years.

A number of pre-development workstreams are underway or commencing shortly as part of the on-going value enhancement works including a planned update to the capital and operating cost estimates in the 2019 BKM feasibility study, ahead of debt financing talks.

Discussions have also been initiated with third parties interested in financing the supply of power as a stand-alone project, separate from the mining and processing operations.  This will determine the best overall option for power supply to the project.

Work on reducing the project footprint, environmental impacts and cost is also ongoing, as is additional drilling aimed at adding mining inventory.

The 2019 feasibility study was prepared with a long-term consensus copper price of US$3.30 per pound, delivering an NPV of US$125mln and an IRR of 19.1%. 

“Asiamet formally welcomes Andrew Neale to the company,” said Tony Manini, executive chairman of Asiamet Resources.

“Andrew is very well placed to lead the BKM copper development at our KSK project given his extensive background and experience in copper and gold in Indonesia and having managed the most recent value enhancement metallurgical studies for us.” 

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