LONDON (ShareCast) - (Sharecast News) - Asiamet Resources announced the formal start of the debt financing process for its BKM stage one copper project on Thursday, in Central Kalimantan, Indonesia, following the completion of key technical milestones.
The AIM-traded company said it had opened a project data room to a targeted group of prospective lenders, marking the start of formal due diligence by potential financiers.

It said the process followed the recent completion of an optimised feasibility study and the receipt of the final independent technical expert report for the project.

Asiamet emphasised that the financing initiative was separate from its ongoing offtake discussions and any future strategic transactions.

The BKM project is the company's flagship asset, and forms the foundation of its development strategy in the region.

"The commencement of formal lender due diligence is a major milestone in the development of the BKM Copper Project," said chief executive officer Darryn McClelland.

"With both the OFS and ITE review now complete, we are well positioned to engage meaningfully with our selected group of project finance lenders."

McClelland said the milestone reaffirmed to the company's stakeholders, shareholders and prospective financing partners that BKM was a "real, development-ready project", adding that Asiamet was "committed" to progressing towards a final investment decision.

"Our offtake and strategic partner engagement processes remain separate, and we look forward to providing further updates on these areas as they continue to progress."

At 1012 BST, shares in Asiamet Resources were up 1.05% at 0.86p.

Reporting by Josh White for Sharecast.com.

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