REG - Asiamet Res Ltd - MoU signed with BGRIMM Technology Group

Asiamet ResourcesAnnouncement

06/01/2023 07:00

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RNS Number : 8693L  Asiamet Resources Limited  06 January 2023

6 January 2023

 

Asiamet Resources Limited

("Asiamet" or the "Company")

 

Memorandum of Understanding signed with BGRIMM Technology Group

 

Asiamet Resources Limited ("Asiamet" or "the Company") is pleased to announce
the signing of a Memorandum of Understanding ("MoU") with BGRIMM Technology
Group ("BGRIMM") in relation to the Engineering and Procurement of the Solvent
Extraction and Electrowinning ("SX-EW") plant for the BKM Copper project
processing facility. BGRIMM are a leading Chinese Engineering, Procurement and
Construction group providing services to the mining industry worldwide.

The details of the executed MoU are as follows:

1.  BGRIMM will work with the Company and its consulting engineer NewPro
Consulting & Engineering Services Pty Ltd ("NewPro") to provide detailed
design information for all equipment packages that BGRIMM have provided cost
estimates for as part of the current BKM Copper Project Feasibility Study
Update ("FS Update").

 

2.  BGRIMM will complete a detailed cost estimate for an Engineering,
Procurement and Construction Technical Supervision scope of work for the BKM
Copper Project SX-EW processing plant for the BKM Copper Project, this will be
used in the FS Update capital cost estimate.

 

3.  Upon successful completion of the BKM Copper Project FS Update and a
positive Final Investment Decision ("FID") by the Asiamet Board, the Company
will engage with BGRIMM on the provision of a complete Engineering and
Procurement ("EP") service contract for the BKM Copper Project SX-EW plant.
This will include the supply of all necessary equipment for the SX-EW plant
and coordination with suppliers of materials from within Indonesia.

 

4.  The Company will work with BGRIMM to develop the technical construction
supervision requirements for the SX-EW plant when moving into the execution
phase as well as commissioning services as required.

The SX-EW plant is a critical component of the BKM processing facility as it
delivers the processes of metal purification and copper metal production. It
can be considered a discrete facility with well-defined battery limits
therefore is suitable for delivering as an engineering and procurement
package.

The BGRIMM Group has over six decades of experience, specialising in
technology and innovation in the mining sector.  BGRIMM's core strength and
competitive advantage is in engineering design, procurement and equipment
manufacturing. Their input into this project is an important part of the
overall design and will positively impact costs through their purchasing
power. BGRIMM have provided engineering design and procurement for several
SX-EW facilities in various countries and are familiar with engineering design
requirements of Indonesia given their association with several past and
current projects in the country.

Darryn McClelland, Chief Executive Officer commented:

"I am pleased to be able to announce this collaboration with BGRIMM on the
SX-EW component of the BKM Copper processing facility. BGRIMM have already
assisted our engineering consultants NewPro with various equipment pricing
used in the FS Update Capex estimate as well as costs for executing the
Engineering and Procurement services necessary for delivery of the SX-EW
plant.

Capital cost is a critical component of the feasibility of the BKM Copper
project and working with BGRIMM is one of a number of opportunities we have
taken to help control cost and mitigate the inflationary backdrop seen in
2022. BGRIMM have a strong track record of delivering cost effective
engineering and designs for SX-EW plants of the size we are proposing for the
BKM Copper Project and we are very keen to tap into this experience.  Asiamet
looks forward to developing a strong working relationship with BGRIMM through
involvement in the development of the BKM Copper project, along with future
development opportunities that are likely to arise from the broader KSK
Contract of Work.

Final discrete elements for the delivery of the updated Feasibility Study are
nearing completion and we look forward to delivering on this in the near term
and critically presenting a project with overall robust economics and
attractive cashflow generation."

 

ON BEHALF OF THE BOARD OF DIRECTORS

Darryn McClelland, Chief Executive Officer

For further information, please contact:

-Ends-

Darryn McClelland
Chief Executive Officer, Asiamet Resources Limited

Email: darryn.mcclelland@asiametresources.com
(mailto:darryn.mcclelland@asiametresources.com)

 

Tony Manini
Executive Chairman, Asiamet Resources Limited

Email: tony.manini@asiametresources.com
(mailto:tony.manini@asiametresources.com)

 

Investor Enquiries

Sasha Sethi

Telephone: +44 (0) 7891 677 441

Email: Sasha@flowcomms.com (mailto:Sasha@flowcomms.com) /
info@asiametresources.com

Asiamet Resources Nominated Adviser
RFC Ambrian Limited

Bhavesh Patel / Stephen Allen

Telephone: +44 (0)20 3440 6800

Email: Bhavesh.Patel@rfcambrian.com (mailto:Bhavesh.Patel@rfcambrian.com)  /
Stephen.Allen@rfcambrian.com (mailto:Oliver.Morse@rfcambrian.com)

 

Optiva Securities Limited
Christian Dennis

Telephone: +44 20 3137 1903

Email: Christian.Dennis@optivasecurities.com
(mailto:Christian.Dennis@optivasecurities.com)

 

Follow us on twitter @AsiametTweets

 

FORWARD-LOOKING STATEMENT

This news release contains forward-looking statements that are based on the
Company's current expectations and estimates. Forward-looking statements are
frequently characterised by words such as "plan", "expect", "project",
"intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other
similar words or statements that certain events or conditions "may" or "will"
occur. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors that could cause actual events or results to
differ materially from estimated or anticipated events or results implied or
expressed in such forward-looking statements.   Such factors include, among
others: the actual results of current exploration activities; conclusions of
economic evaluations; changes in project parameters as plans continue to be
refined; possible variations in ore grade or recovery rates; accidents, labour
disputes and other risks of the mining industry; delays in obtaining
governmental approvals or financing; and fluctuations in metal prices.  There
may be other factors that cause actions, events or results not to be as
anticipated, estimated or intended.  Any forward-looking statement speaks
only as of the date on which it is made and, except as may be required by
applicable securities laws, the Company disclaims any intent or obligation to
update any forward-looking statement, whether as a result of new information,
future events or results or otherwise. Forward-looking statements are not
guarantees of future performance and accordingly undue reliance should not be
put on such statements due to the inherent uncertainty therein.

 

 

 

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