Asiamet Resources Ltd (AIM:ARS, OTC:KMGLF) said it has received the independent technical expert’s (ITE) report about the BKM copper project in Central Kalimantan and is preparing to talk to Indonesian banks about funding.

A final version of the report is already with the lead bank of the lending consortium, Asiamet added, with a target for initial approval for funding to be received by the end of this year.

Darryn McClelland, chief executive, said: "Our primary message in this latest update centres on the completion and delivery of the ITE technical due diligence report, a crucial step in the debt finance process.

“As debt financings of this nature are generally supported by a syndicate of banks, we will shortly commence engaging with senior Indonesian banks most likely to join the BKM project debt finance consortium.

“In addition to the copper offtake term sheet, we have received further interest from additional groups expressing a desire to secure BKM's future copper cathode units and are advancing due diligence processes with these parties.“

Asiamet added it is also starting work on the possibility of BKM being a source of pyrite to produce sulphuric acid for nickel miners in Indonesia.

Separately, Asiamet said that Peter Chambers had been appointed as an non-executive director to replace Peter Pollard, who is retiring.

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Source: www.proactiveinvestors.co.uk/Asiamet Receives Independent Technical Report On BKM Project