After receiving the outstanding consideration of US$700,000, Asiamet Resources has completed the sale of its Jelai IUP in Indonesia to Ship Ocean Lte for US$800,000. The IUP is being converted from an IUP Exploration to an IUP Production.
Ship Ocean will assume full responsibility for the ongoing processing of the IUP. Conversion of an IUP is an intensive process that consumes considerable time and resources and Asiamet is pleased to be in a position to re-direct these resources towards advancing its core KSK and Beutong projects.
Asiamet also advises that significant progress has been made on the Beutong IUP exploration to production conversion. After completing a review of the Beutong IUP Production application documents, the Indonesian Ministry of Energy and Mineral Resources (ESDM) requested further revisions.
The requested documents and revisions included additional maps, modifications to the economic model, clarification on concentrate refining and conversion of the Beutong Resource model to comply with Indonesia's resource code Kode-KCMI 2011.
The company engaged GEOMINE Mining and Geotechnical Consultants to assist with the resource model update. GEOMINE engineers have significant experience in the mining sector both nationally and internationally covering underground and open pit operations across most commodities.
Australian Mine Design and Development Pty Ltd (AMDAD) was also engaged to complete additional refinements to the mine engineering and related infrastructure components of the study, based on GEOMINE's revised resource model.
All of ESDM’s revisions have been completed and the GEOMINE competent or qualified person signed off on the study documents on March 6. All documents were resubmitted to ESDM on the same day.
ESDM officials have advised that the updated documents will be reviewed and followed up with a PLENO session/presentation tentatively set for early May. ARS understands that this is the final requirement prior to grant of the Beutong IUP Production licence.
Asiamet’s chief executive officer Peter Bird said, “Asiamet is very pleased to have completed the sale of its Jelai IUP to local Indonesian interests at a satisfactory valuation.
“The conversion to an IUP Production is an intensive, time consuming process and we are now able to free up valuable resources and re-direct efforts towards progressing important government requirements and community engagements for our core KSK and Beutong projects.
“We are also pleased with the recent progress made to advance the IUP conversion for Beutong towards completion and understand that we are now in the final stages of the conversion process. Asiamet looks forward to providing further updates as additional information is received.”