Business
Corporate Update – Project Financing
Corporate Update – Project Financing.
About this update from Asiamet Resources Limited
[{"type":"text","content":"\n\n08 August 2023\n \n \nCorporate Update - Project Financing\n \nAsiamet Resources Limited (\"Asiamet\", \"ARS\" or \"the Company\") is pleased to report that considerable progress is being made across all project financing workstreams for the development of the Company's wholly owned, feasibility stage, BKM copper mine project located in Central Kalimantan, Indonesia. Senior bank debt and offtake finance engagements which represent potentially large components of the proposed BKM mine development capital structure are progressing well.\n \nHighlights\n· Following consultation with potential lead banks for BKM debt finance, ARS appointed SRK Consulting (Perth) (\"SRK\") as Independent Technical Expert (\"ITE\"). SRK also reviewed the 2019 feasibility study in 2022 providing important input into workstreams addressed in recent feasibility study update. \n· Two separate due diligence visits to the BKM project site were completed by a potential lead bank and the ITE over the past three weeks.\n· Several leading international metals trading groups are undertaking detailed due diligence for financing tied to copper cathode offtake.\n· Growing interest from Chinese Engineering, Procurement and Construction (\"EPC\") contractors and proposed project partners introduced through China based advisor, Zenith Capital. Engagement with Indonesian EPC and Engineering, Procurement, Construction and Management (\"EPCM\") groups has also commenced.\n· Preparation for early engineering design works is underway with specialist engineering contractors and equipment suppliers.\n· Grant Samuel, Australasia's leading independent corporate advisor, is engaging with a potential lead financier and supporting ARS to finalise its financing model and prepare related valuation metrics.\nDue diligence site visits to the BKM copper project have recently been completed by a globally recognised bank experienced in resource project financing and the bank-ratified ITE, SRK. These site visits are an important step in the due diligence process required for first phase bank credit approval, which is targeted for completion before the end of this calendar year. \nSimultaneously, there is an escalating interest in securing the coppe...