Asiamet Resources Ltd on Tuesday said it is making ‘considerable’ progress in its project financing workstreams to develop its BKM copper mine project in Indonesia.

The Jakarta, Indonesia-based mining company said two separate due diligence visits have been made to the BKM project by a potential lead bank and by its independent technical expert, SRK Consulting (Perth) Ltd.

The BKM project is currently at the feasibility stage.

The firm added that a number of ‘international metals trading groups’ are conducting due diligence for financing regarding copper cathode off-take.

Asiamet also noted that it is seeing growing interest from Chinese contractors and proposed project partners introduced by its advisor Zenith Capital, while it is also engaging with Indonesian construction and engineering groups.

Chief Executive Darryn McClelland said: ‘The outlook for copper remains very robust, with medium to long term demand forecast to remain strong and the supply-side response challenged to meet this growing demand. New copper projects are few and far between and the BKM copper heap leach project is strategically positioned to deliver LME grade A copper cathode into a supply constrained Asian market.

‘Asiamet is progressing the financing process and driving the BKM copper project towards a successful development as quickly as possible. We are grateful for the continued support of investors and stakeholders through this period and will keep the market informed with regular updates on our progress.’

Asiamet shares rose 1.5% to 1.21 pence each on Monday morning in London.

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