Mitrais Mining
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August 2019 | Vol. 32

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Welcome to Our New and Improved Newsletter


Welcome to our new look newsletter, with all the weekly mining news you want, but with an improved fresh design now optimized for mobile devices as well as laptops.

Now in your inbox, you will only get short description of the newsletter and some highlights, but clicking the link will lead you to the full version. Note the ‘News Index’ button in the header  clicking here will allow you to navigate easily to each articles.

Please give us your feedback on the new design and any improvements you might like to see.


Source : Mitrais Release

Headline

Mitrais and Datamine Announced First Sale of MineScape Under New Partnership


Mitrais and Datamine are pleased to announce the first sale of MineScape under our new partnership, PT Jembayan covers an area of 12,0000 hectares in East Kalimantan, some 150 kilometres north west of Balikpapan and 80 kilometres inland. The mine was acquired by Sakari in December 2007 and the achievements since then have been remarkable. Production grew from 4 MT to nearly 7.5 MT


Source : Mitrais Release

Weekly News

PT Bumi Resources Tbk. Handed Over the Evitha Galuh Early Childhood Education School


PT Bumi Resources Tbk. (“BUMI” or the “Company”) has completed the construction of the Evitha Galuh Early Childhood Education School (PAUD) in Tegal Angus Village, Teluk Naga District, Tangerang Regency, Banten. The completion of the school building was marked by the school handover to the Syafiraa An-Nufus Foundation to be used as well as possible to improve the quality of education in the village. The activity was held on Tuesday, July 30, 2019 and was attended by local officials, community leaders, teachers, students, and village communities.

The construction of this school started last year, consisting of two classrooms, a library, teacher’s room, toilet, and outdoor playgrounds. Since February 2019, the school has been used as a learning facility for 80 students. The PAUD with an area of 100 m2, is one of BUMI’s concrete contributions in fulfilling the Sustainable Development Goals (SDGs), specifically the provision of proper education facilities.

“In accordance with the spirit of BUMI on Self-Sustained Society, BUMI believes that an effective and high quality education will solve a long term social problems. One little step in developing PAUD will give a meaningful impact for the students and Indonesian education at large dan and we hope that this PAUD can be maintained and cared for in the future,” said Saptari Hoedaja, President Director of BUMI.

BUMI’s commitment to improving the quality of education in Indonesia will again be strengthened by the implementation of teacher capacity building training in the near future. This is based on the need for classroom management, pedagogy, and a national curriculum training that is felt lacking by teachers in schools where BUMI has provided assistance of its CSR programs at Tangerang and Bekasi regions.


Source : http://www.bumiresources.com/uploads/2019/08/716680f48cd0b53c6e91fcc5e78a0cad_f72f33df769db1186fa94dd2ed35e4d6.pdf

Weekly News

Low-CV Indonesian Coal Prices Edge Lower


There were further signs that fob prices of low-calorific value (CV) Indonesian coal were softening today, with details emerging of a GAR 4,200 kcal/kg transaction being concluded at a lower price than recent comparable trades.

An August-loading GAR 4,200 kcal/kg geared Supramax cargo traded at $33/t, below a similar trade yesterday for a mid-August shipment of the same coal at $33.60/t.

Bids for August-loading GAR 4,200 kcal/kg Supramax shipments were unchanged from yesterday at around $32.50/t, although offers were slightly softer at a shade above $33/t, down from $33.50-34/t yesterday.

Activity in the ICI 4 derivatives market was slow after 10,000t traded yesterday, taking the total volume for July to 529,000t — the second-highest monthly volume to have been cleared on the CME since the contract launched last year.

In terms of bids and offers, August and September contracts were offered as part of a package today at $33.90/t, although there were no corresponding bids. This was slightly higher compared with the Argus-assessed settlement prices for these months yesterday, when August and September both finished at $33.80/t. Fourth-quarter 2019 contracts were bid at $33.15/t and offered at $33.55/t. The Argus-assessed settlement price for fourth-quarter 2019 contracts finished yesterday at $33.60/t.

The bid-offer spread narrowed in the Australian high-ash thermal coal market. NAR 5,500 kcal/kg coal was bid at $50.50/t fob Newcastle over the counter for a September Panamax, and offered at $51/t fob Newcastle on screen for the same. But no trades were confirmed.

The NAR 6,000 kcal/kg market saw some index-linked trading. A 75,000t September-loading cargo changed hands at a $2.40/t discount to the fob Newcastle Global Coal index, and a 25,000t clip for fourth-quarter 2019 loading traded at the same discount. A 25,000t clip also changed hands at an outright price of $62.25/t fob Newcastle for September loading. The 25,000t clips are too small to be included in the Argus index, which also does not include index-linked trades.

In the China domestic market, prices of spot NAR 5,500 kcal/kg coal at northern ports were pegged at around 595 yuan/t ($86.50/t) fob, below the July monthly term contract price of Yn599/t. It is not yet clear at where the August term contract prices will be agreed.

A major Chinese state-owned trading company received an offer from a private importer for Australian NAR 5,500 kcal/kg coal at Yn595/t fob eastern China ports. Prices of imported coal in east China that have cleared customs are quite close to spot material levels at northern ports.

In China’s futures market, the actively traded September thermal coal futures contract on the Zhengzhou commodity exchange closed at Yn587.80/t today, up slightly by Yn0.40/t from yesterday. Open interest in the contract declined by 748 lots to 234,802 lots. The September contract declined by Yn16/t in total over the month of July.


Source : https://www.argusmedia.com/en/news/1950018-lowcv-indonesian-coal-prices-edge-lower

Weekly News

Nusantara Approaching Development Stage at Awak Mas


As the Australian dollar gold price continues to make new highs, now pushing up towards the $2100 mark it may be well worth considering emerging producer, Nusantara Resources Ltd (ASX:NUS).

The group has a sizeable resource and development could commence in 2019.

Nusantara’s flagship project comprises the 1.1 million-ounce Ore Reserve and 2.0 million ounce Mineral Resource Awak Mas Gold Project located in South Sulawesi, Indonesia.

The project has over 135 kilometres of drilling completed in over 1,100 holes.

Nusantara has a two-fold development strategy involving the construction of a modern, low strip ratio open pit operation with ore processed by standard carbon-in-leach (CIL) processing delivering high gold recoveries.

Environmental approval has already been received for the project, which is favourably located in non-forestry land close to established roads, ports, airports, and grid power.

Nusantara’s second strategy is to grow the resource base and support a mining operation beyond the initial project life of 11 years.

Multiple drill-ready targets have already been outlined, extending from the three main deposits across an area of 140 square kilometres.

A key focus for the September quarter of 2019 is to advance the funding process for the development of the Awak Mas Project.

While this represents a significant milestone for the company, it is worth examining the progress made in the June quarter, and on this note management provided a comprehensive update on Wednesday.

Metallurgical testing delivers positive results

During the quarter, detailed metallurgical testing and post-definitive feasibility study (DFS) Phase 2 test-work was completed.

The average gold recoveries showed an improvement in the test-work used as the basis for the DFS, which increased the overall recovery assessment for the project from 91.1% to 93.3%.

Historical gravity and whole ore leach test-work was conducted using different parameters to the post-DFS Phase 2 test-work (e.g. coarser grind size, no gravity recovery, lower cyanide addition), which contributed to the lower recoveries seen in these earlier tests.

The post-DFS Phase 2 program results validated the design parameters selected for the DFS and provides a more robust basis for the prediction of gold recovery.

As highlighted in the DFS, management believes there is potential for the Awak Mas Gold Project to realise a grade uplift when the ore body is mined.

This would have a positive impact on project economics, potentially providing share price momentum.

Nusantara has traded strongly over the last two months with its shares increasing nearly 50% to touch on 20 cents on three occasions since mid-June.

It appears that a break above that resistance point could trigger a further rerating.

Exploration focus is on Salu Bulo

There has been a significant development at the Salu Kombong prospect where further outcrop sampling has been undertaken.

This has been focused on previously reported copper and gold occurrences, confirming the possibility of a porphyry style mineralised system as indicated in the following samples.

This fits well with the recent geophysics concept of Awak Mas being part of a large scale Intrusive Related Gold System.

Nusantara is currently assessing the significance of this development, and the company will be exposing the mineralisation via mechanical excavation in the September quarter ahead of confirmatory diamond drilling.

Two drill holes were completed during the quarter in the target quarry site identified in the DFS.

The rock characteristics have been confirmed as suitable for road and tailings storage facility development.

An additional four drill holes have been planned for the September quarter to confirm tonnage ahead of project development.

Exploration activity for the quarter focused on a ground-survey geophysics program designed for the highly prospective Salu Bulo area where significant mineralisation extension potential exists.

Salu Bulo is within a three kilometre radius of the planned Awak Mas Gold Project.

Mineralisation in the area has demonstrated elevated gold grades compared with other project areas and mineralisation trends extended into large untested areas.

The Salu Bulo resource is 3.6 million tonnes grading 1.6 g/t gold containing nearly 200,000 ounces of gold.

Based on recent structural interpretations recognised from the Puncak Selatan drilling program, this work tested the interpretive signatures as derived from the reprocessed historic aeromagnetic data.

The ground based electrical geophysics program was completed over a three kilometre strike length covering the Salu Bulo deposit and potential strike extension structures to the north and south of the existing deposit.

A combination of exploration results to be released in coming months, as well as a transitioning of Awak Mas into a development project as suitable financing is procured could well see shares in Nusantara hit new highs in the second half of 2019.


Source : https://finfeed.com/small-caps/mining/nusantara-approaching-development-stage-awak-mas/

Weekly News

Indonesia's Antam H1 Nickel Ore Output Up 27% y/y


* Indonesia’s state mining company PT Aneka Tambang’s (Antam) nickel ore output in January-June period recorded at 4.79 million wet tonnes, up 27% from the same period last year

* Antam sold 3.90 million wet tonnes of nickel ore in the first half of 2019, more than double the sales of nickel ore a year earlier, the company said in a statement

* Antam also produced 13,018 tonnes of nickel in ferronickel (TNi) in the first half, up 2% from last year. It sold 13,157 TNi of ferronickel in the first half, up 5% annually

* The company’s first-half bauxite output grew 43% to 597,000 wet tonnes and sales of the ore jumped 138% to 611,000 tonnes


Source : https://af.reuters.com/article/metalsNews/idAFL4N24X389

Weekly News

Petrosea Revenue Rises 15.61% in H1


PT Petrosea Tbk (PTRO) recorded a revenue increase of 15.61% year on year (yoy) to US$ 237.97 million in the first semester of 2019. The company’s net profit for the period also increased 7.26% to US$ 7.98 million.

The company’s positive performance in the first six months of the year was boosted by an increase in the operational volume of the Mining Contract business line and increased activity in the business port logistics operation through POSB Sorong and Kuala Pelabuhan Indonesia.

“Despite a persistent challenging coal market and unfavourable weather conditions during this period, Petrosea continued to optimise its asset utilisation and implement various continuous improvement initiatives,” the company wrote in an official statement received by IDNFinancials on Wednesday (31/7).

“This resulted in higher overburden volume which increased by 3.73% year on year from 56.23 million BCM to 58.32 million BCM during the first half of 2019.”


Source : https://www.idnfinancials.com/news/27303/petrosea-revenue-rises-h

Weekly News

Indonesian Thermal Coal Output Stable as Miners Face Tax Probe


Indonesia’s thermal coal prices and production remained largely unaffected even as the country’s anti-corruption watchdog investigates certain major coal producers for alleged tax avoidance, sources said Thursday.

The country’s Corruption Eradication Commission, or KPK, has launched investigations into several Indonesian coal producers allegedly using the practice of “transfer pricing” to avoid tax liabilities, according to local media reports this week.

Transfer pricing is the price at which departments within a company transact with each other.

The reports added 51 coal contract mining holders were requested to submit coal sales documents between 2017 and 2019 for audit.

An East Kalimantan-based producer familiar with the matter said data submission for audit is currently ongoing.

A Singapore-based trader said the mining contract holders were mainly producing the Indonesian high calorific value thermal coal.

The coal reference price Harga Batubara Acuan — which the Indonesian government sets each month to calculate royalty payments — is based on an amalgamation of high CV coal prices, including S&P Global Platts price assessment, he added.

The HBA price for thermal coal is the basis for determining the prices of 77 Indonesian coal products and calculating the royalty producers have to pay for each metric ton of coal sold.

TIGHTENING GRIP

Despite ongoing investigations, sources noted that mining businesses are still in operation with no immediate impact on prices and production.

“There could be potential impact on prices but it will take some time,” a source said.

“If KPK found a problem, the implication could be in the form of a penalty or even sanction,” he added.

Some market players said that the country’s authorities have been tightening their grip on the coal industry in a bid to keep production volumes in check.

“This is actually a good initiative for the industry, to put some pressure and push miners to be more disciplined,” an Indonesia-based producer said.

“In the end, it’s all about the revenue for the country,” he said.

The recent move by authorities will likely “keep the house in order” and address the problem of overproduction by some miners, another Indonesian producer said.

“We do hope KPK will kill all [questionable] businesses and prices will rebound,” he said.

Indonesia produced about 528 million mt of thermal coal in 2018, exceeding its initial target of 485 million mt. This year, the country is targeting a production of 490 million mt.

Earlier last month, authorities revoked producer Tanito Harum’s Coal Contract of Work, or CCoW, mining license extension after KPK found that the contract extension was not in line with the mining law.

Seven major Indonesian thermal coal producers’ CCoWs will expire in the next two years and the action against Tanito has stoked fears that these producers may face similar fate.

Indonesia’s Ministry of Energy and Mineral Resources set its July thermal coal HBA reference price at $71.92/mt, down 11.7% on the month and 31.3% on the year.

The price of 5,900 kcal/kg GAR grade of Indonesian coal — one among the four prices used in calculating the HBA — was assessed Wednesday at $63.20/mt FOB Kalimantan, down about 7% from January 2, Platts data showed.


Source : https://www.spglobal.com/platts/en/market-insights/latest-news/coal/080119-indonesian-thermal-coal-output-stable-as-miners-face-tax-probe

Weekly News

PT Mifa Bersaudara bags CSR Indonesia Awards 2019


PT Mifa Bersaudara, West Aceh, added another feather in its cap with the receipt of the Corporate Social Responsibility (CSR) Indonesia Award 2019 from CSR Indonesia magazine at a function in Denpasar, Bali, Tuesday night.

The coal mining firm received the award in recognition of its hydroponic farming program conducted at Peunaga Cut Ujong Village, Meureubo Sub-district, West Aceh District.

The other CSR award was bestowed on PT Mifa Bersaudara CSR & Corporate Communication Manager Azizon Nurza as the best CSR & Corporate Communication manager.

“We are also upbeat that the company’s CSR programs would eventually be implemented optimally to nurture and empower the public to become prosperous and self-reliant,” PT Mifa Bersaudara President Director Ricky Nelson, who was represented by CSR & Corporate Communication Manager Azizon Nurza and CSR & External Relations Superintendent Tengku Kaddhafi, remarked on Wednesday night.

He expressed gratitude to the event’s organizing committee for giving a thumping mandate to the company to develop creativity and innovations in implementing its CSR programs in the district.

The award mirrored the commitment and seriousness of the coal mining company to take part in the implementation of the government’s development programs through CSR programs, he stated.

“By implementing the programs with various innovations, we hope (the company) would serve as a center of case studies for programs to develop the Aceh community in future,” he added.


Source : https://en.antaranews.com/news/130208/pt-mifa-bersaudara-bags-csr-indonesia-awards-2019

Weekly News

Indonesia's PLN Estimates Higher Coal Use for Electricity in 2020


* Indonesia’s state electricity utility PT Perusahaan Listrik Negara (PLN) forecast coal consumption for the country’s electricity requirements in 2020 at 109 million tonnes, up from an estimated 97 million tonnes in 2019, company official Arief Sugiyanto said on Thursday

* Coal consumption expected to rise next year as a few new coal-fired power plants in Java are expected to come online late this year

* PLN said 2020 natural gas consumption for electricity is expected at 262 billion cubic feet (bcf), down from an estimated 331 bcf this year, Sugiyanto said, due to expectations of lower pipeline supply next year

* PLN expects liquefied natural gas (LNG) consumption for electricity to be at 221 bcf next year, up from an estimated 181 bcf this year

* “LNG use will increase because pipeline gas is expected to fall, but overall gas use will drop because of the coal power plants coming online,” Sugiyanto said


Source : https://af.reuters.com/article/commoditiesNews/idAFJ9N22S03C

Weekly News

Freeport Reopens Mine Roads Covered by Landslides


PT Freeport Indonesia’s (PTFI’s) management has ensured restoration of vehicular access to mine roads at Mile Point (MP) 69 in Tembagapura Sub-district, Mimika District, Papua, covered by landslide materials on Friday morning.

PTFI spokesperson Riza Pratama remarked during a phone conversation from Timika on Friday that mining vehicle traffic has been normal after the roads were cleared of materials.

“This morning, the access to MP 69 was temporarily closed for cleaning and inspection. Now, it has been reopened,” Pratama noted.

Pratama added that the company’s management always reminded all employees of safety, including dealing with landslides often occurring in the mining area.

“PTFI always prioritizes safety and constantly updates the situation to employees,” Pratama remarked.

Tembagapura Police Chief Inspector Hermanto noted that the landslide materials had trapped Freeport’s operational mining car.

Freeport’s Safety and Emergency Response Group (ERG) team promptly reached the site of the landslide.

The company deployed two heavy equipment to clear piles of rock and soil material covering the road and managed to remove the car out from the rubble.

“We need approximately 30 minutes to remove the car with operation number 01.4632 and secure the 68.5 mile area,” Police Chief Hermanto noted.

He confirmed no fatality in the incident. The Geotech team has also checked the site and declared it safe from aftershocks.

Landslides often occur in Tembagapura and its vicinity areas, especially during the rainy season that has been lasting for over a month.

In 2017, flash floods with rock and sand avalanches had ravaged Tembagapura City where offices, business centers, and residences of PTFI employees in Mimika plateau are located.


Source : https://en.antaranews.com/news/130316/freeport-reopens-mine-roads-covered-by-landslides

Weekly News

Twenty-Three Lampung Students Will Join "Siswa Mengenal Nusantara 2019"


In early August, PT Bukit Asam Tbk, PT Brantas Abipraya (Persero) and PT Kawasan Berikat Nusantara (Persero) finished recruiting high school students in Lampung to take part in “Siswa Mengenal Nusantara 2019” (Students Getting to Know the Archipelago) program. The selection process was held on 30 and 31 July 2019 in Bandar Lampung, and successfully selected 20 high school students and 3 special needs school students from all over Lampung.

These students who came from districts or cities in Lampung Province, went through various stages in order to be selected as “Siswa Mengenal Nusantara” participants, including psychological testing, academic ability tests, medical check-up tests, aptitude tests, and interviews. These students were assessed directly by the Education and Culture Office of Lampung Province.

The 23 participants, consisting of 10 male students and 13 female students, would later take part in “Siswa Mengenal Nusantara” activities for 10 days in North Maluku. Before departing for North Maluku, these students would get education about “Siswa Mengenal Nusantara” program activities and Lampung culture to perform in North Maluku.

Through “Siswa Mengenal Nusantara” program, students are encouraged to experience Indonesian cultural diversity, so that they can continue maintaining the unity of the Republic of Indonesia and establish sense of brotherhood with their friends across the nation to develop Indonesia together. Furthermore, this program is BUMN’s attempt towards national unity and to encourage the development of Indonesia.


Source : http://www.ptba.co.id/en/news/detail/1091/twenty-three-lampung-students-will-join-siswa-mengenal-nusantara-2019

Weekly News

Coal Demand to Rise 12 Percent Next Year: PLN


State electricity firm PLN has estimated that the coal use for electricity generation in Indonesia will increase by around 12 percent this year due to additional demand from new power plants.

PLN system planning manager Arief Sugiyanto said in Jakarta on Thursday that two new coal-fired power plants (PLTUs), namely the Jawa 7 and Jawa 8 power plants, which have a combined capacity of 2 gigawatts, would start their commercial operation in September, this year.

PLN has estimated that the power sector’s coal use, including power plants operated by the private sector, would increase by 12.37 percent to 109 million tons in 2020.

“Overall, demand for gas will drop next year but demand for coal will increase due to additional demand from new PLTUs,” he said at a gas exhibition event in Jakarta.

The total gas demand is projected to fall by 5.6 percent to 486 billion cubic feet (bcf). However, the demand for LNG is  expected to increase by 22 percent to 221 bcf, while the demand for piped gas will fall by 20 percent to only 262 bcf due to, among other factors, low supply from the South Sumatra-West Java Pipeline.


Source : https://www.thejakartapost.com/news/2019/08/02/coal-demand-to-rise-12-percent-next-year-pln.html

Weekly News

Bumi Resources Profit Falls as Coal Price Dwindles


Publicly listed coal miner PT Bumi Resources’ (Bumi) profit fell sharply during the first half because of the decline in coal prices on the world market.

The company, part of the Bakrie group owned by entrepreneur and politician Aburizal Bakrie’s family, reported a 42.79 percent year-on-year decrease in profit throughout the first six months of this year to US$80.67 million.

The lower profit was attributable to declining revenue. In the January to June period of this year, Bumi’s revenue was down 14.15 percent yoy to $481.36 million, according to the company’s financial report posted on the Indonesia Stock Exchange’s (IDX) website on Wednesday.

Coal prices fell 8 percent to US$53.20 per ton during the first half from $58 per ton in the same period last year.

The company’s third-party exports (non-affiliated buyers) decreased 16.37 percent yoy, while its domestic third party sales decreased 13.67 percent yoy during the first half.

However, the increase in revenue from its service segment that jumped 258.85 percent yoy prevented the company’s overall revenue from further decline as of the second quarter.

As of the first quarter, BUMI’s net profit dropped 46.27 percent year-on-year to $48.44 million, but that was much better than the previous quarter when the firm only booked $15.1 million.


Source : https://www.thejakartapost.com/news/2019/08/02/bumi-resources-profit-falls-as-coal-price-dwindles.html

Weekly News

Antam's Sales Reach Rp14.43 Trillion in First Half of 2019


PT Aneka Tambang’s (Antam) unaudited sales reached Rp14.43 trillion in the first half of 2019, an increase of 22 percent compared to the first half of 2018.

Last semester, Antam’s unaudited ferronickel production amounted to 13,017 tons nickel contained in ferronickel (TNi). It increased by two percent compared to the same period last year.

Meanwhile, Antam’s unaudited ferronickel sales reached 13,157 TNi. It grew by five percent from 12,579 TNi in the first semester of 2018.

In addition, the company booked unaudited gold sales volume of 15,741 kilograms in the first semester of 2019. It increased 14 percent compared to gold sales volume in the first half of 2018.

Furthermore, the company posted unaudited nickel ore production of 4.79 million wet metric ton (wmt). It increased 27 percent compared to the same period last year.

“Gold was the largest contributor to Antam’s unaudited revenue in the first half of 2019, amounting to Rp9.61 trillion or 67 percent from the company’s total unaudited sales,” Antam Corporate Secretary Kunto Hendrapawoko said in a press statement released on Friday.

Antam’s Annual General Shareholders’ Meeting approved the dividend distribution of Rp306.05 billion or 35 percent dividend payour for the 2018 year book.


Source : https://www.medcom.id/english/business/JKRVAxwK-antam-s-sales-reach-rp14-43-trillion-in-first-half-of-2019

Weekly News

A Leading Indonesian Energy Company Opens Their First North American Office in Vancouver, Canada


An Indonesian energy company, Baramulti Group, officially opened the company’s expansion to North America at their office, located in the heart of downtown Vancouver. The grand opening was started with a ribbon-cutting ceremony by the Indonesian Ambassador to Canada, His Excellency Abdul Kadir Jailani, and the Minister of Jobs, Trade and Technology of British Columbia, Honorable Bruce Ralston. “This expansion shows the closer relationship between Indonesia and the Province of British Columbia”, said Ambassador Jailani. The occasion was coordinated by Honorable Dr. Tuti Wahyuningsih Irman, the Indonesian Consul General in Vancouver, as part of her and the Indonesian Ambassador’s mission to enhance the economic relations in trade, investment, and tourism between Indonesia and Canada.

On the occasion, Mr. Dido Anasrul Said (COO of Baramulti Group) and Mr. Bernard Tarunadjaja (CFO of Baramulti Group) were present on behalf of the company to officially open their Vancouver office. They are appreciative of the warm welcome from the Province and the assistance of the Indonesian Embassy throughout the company’s expansion process. Baramulti Group is excited to embark on this journey in Canada and to discuss opportunities the company can explore in British Columbia. Minister Ralston took the chance to congratulate to Baramulti Group of the expansion and thankful for considering British Columbia, Canada to invest in. “We appreciate the commitment to support the industries in the province of British Columbia. We are excited about the expansion of Baramulti Group here.”

Established as a coal trading company in 1988, Baramulti Group today has grown into a group of corporations with diverse coal-related business activities that include Mining, Trading, Shipping, and Logistics. The Group’s coal mining assets spanning over multiple concessions have firmly set a leading position in Asian coal market. With its 3.6 billion MT of resources in various coal specifications, the Group aims to fulfill broader and bigger market demands; and they have chosen the city of Vancouver as their door to North America.  The Group will operate under Brooklyn Industries (Canada) Ltd.


Source : https://indonesiavancouver.org/wp1/index.php/2019/08/02/a-leading-indonesian-energy-company-opens-their-first-north-american-office-in-vancouver-canada/

Weekly News

BUMI, Indonesia’s Largest Coal Producer Organizes Big Investor Forum in Medan with HIPMI


PT Bumi Resources Tbk. (“BUMI” or “Company”) collaborated with Himpunan Pengusaha Muda Indonesia (Indonesian Association of Young Businessmen), locally known as HIPMI North Sumatera branch gathering with over 100 investors, analysts, fund managers and media across Indonesia in Medan. The seminar titled The Present and Future of Bumi Resources, Indonesia’s Largest Coal Producer held on 3 Aug 2019 at J.W. Marriot Hotel. A Talkshow as a pre-event, was held in the Smarfm radio station on 2 Aug 2019 in Medan to highlight BUMI developments and investments option. Previously, BUMI held a similar event in Surabaya.

The event was in accordance with BUMI’s initiative to interact directly with local investors and simultaneously support the government program “Yuk Nabung Saham” which was first launched by Vice President of Republic Indonesia Jusuf Kalla in 2015. BUMI is committed to continue educating public to invest in stocks. The company also concerns in conducting further education for those who had opened securities accounts in the capital market by frequently holding seminars, trainings and outreach activities and update them on BUMI.

On the occasion, BUMI Indonesia’s largest thermal coal producer highlighted its performance, potential and demonstrated its position as a green company through its two world class coal subsidiaries in Kalimantan, recognized nationally and internationally not only as a valuable national asset, but for its contribution to the national exchequer, ESG, Greening, GCG and technical excellence.

The company also explained its strengthened good corporate governance principles to become an unmatched world class coal producer.

BUMI’s President Director Saptari Hoedaja said, “BUMI is delighted to host its BUMI Investor Forum gathering in Medan collaboration with HIPMI North Sumatera branch and opportunity to interact directly with local investors, to educate them on investing in stocks and consider BUMI as an investment. This demonstrates our commitment to supporting the IDX and opportunity to provide latest updates on BUMI. BUMI has held Investor Gatherings and Public Expose in Surabaya, Bandung, Malang, Balikpapan and Jogjakarta and plans to conduct additional gatherings for Investors elsewhere in the country.”

BUMI is strongly committed to supporting the Investment Community in Indonesia. It is a proven Corporate responsible citizen and amongst the highest contribution to the National Exchequer. It is recipient of various prestigious awards for this highest royalty, in amongst the top largest tax payers and the country’s highest contributor of foreign exchange. It is recognized for its world class standards of Governance, CSR, Safety, Health and Environment, Pollution and Sustainability. Most recently BUMI won the award as the Best Mining Business Company in Indonesia that refers to the UNGP (United Nations Guidance Principle),” said Saptari Hoedaja.

Muhammad Iqbal Harahap, Senior Representative from HIPMI North Sumatera Chapter said, “PT BUMI Resources Tbk is a most valuable national asset with enormous coal reserves, we have high hopes for BUMI to continue and contribute to the nation and the people of Indonesia. HIPMI North Sumatera branch as a Young Entrepreneurship Institution has more than 1500 members who are very enthusiastic to be involved in this event, take part in developing the market in Indonesia, especially to
buy shares related to Natural Resources such as coal.”


Source : http://www.bumiresources.com/uploads/2019/08/878f7da07d57e4b6bf2bf6c350a69822_3bc29e5b37600d20a7a6b654fbef6be5.pdf

Weekly News

MITI prepares Rp 75.58 Billion to Work on Its New Contract


PT Mitra Investindo Tbk (MITI) has prepared Rp 75.58 billion to fund a new contract that will be worked on with PT Batu Alam Tarahan (BAT).

Diah Pertiwi Gandhi, Director of MITI, said the contract covers the procurement of mining infrastructure and facilities. Later, the company is optimistic that it will get revenue from mining operations conducted by BAT. “It lasts for 2 years,” Gandhi explained through an official statement received at idnfinancials.com on Friday (2/8).

Previously, MITI’s Board of Directors was pessimistic that they could obtain more revenue, after the expiration of the contract between its subsidiary, IBN Oil Holdico Limited, and PT Pertamina EP. But with the new contract, MITI is again optimistic that it can increase its revenue this year.

“The company hopes to restart operations as part of a short-term strategy,” explained Gandhi.


Source : https://www.idnfinancials.com/news/27388/miti-prepares-contract

Weekly News

Krakatau Sales Loss Hikes to US$ 134.95 Million due to Plummeting Sales


PT Krakatau Steel Tbk’s (KRAS) 1H financial statements show a US$ 134.95 million loss, eight times bigger than the company’s loss in the same period last year due to sales which dropped 30%.

Based on the company’s financial statements, KRAS posted a US$ 134.95 million loss or Rp 1.89 trillion, higher than US$ 16.01 million or Rp 224.17 billion last year.

In 1H, the company’s revenue dropped 17.82% year on year (yoy) to US$ 702.05 million or Rp 9.83 trillion. In the same period last year, KRAS recorded Rp 11.96 trillion in revenue last year.

The primary trigger to the company’s loss was steel sales in the domestic market which dropped from US$ 731.37 million to US$ 523.79 million. In addition, revenue from construction engineering also slipped 30.86% yoy to US$ 13.15 million.

The company’s cost of goods sold fell 10.06% yoy to US$ 678.07 million. As of June 2019, general and administrative costs hiked 6.94% yoy to US$ 81.81. Financial liabilities also grew 25.74% yoy to US4 62.07 million, while other expenses soared 71.13% yoy to US$ 11.71 million.


Source : https://www.idnfinancials.com/news/27379/krakatau-sales-loss-hikes-plummeting-sales

Weekly News

Mining CEO Digs Into His Biggest Challenge at Age 72


Freeport-McMoRan’s Richard Adkerson wants to see through his plan to capitalize on the company’s largest-ever mining project.

Freeport-McMoRan Inc. ’s veteran CEO Richard Adkerson struck a landmark deal late last year aimed at resolving long-running ownership issues at a massive mine in Indonesia.

Now the 72-year-old executive’s legacy—and the future success of the second-largest U.S. miner—will depend largely on whether he can transform that mine and maintain its status as one of the world’s largest sources of new copper and gold.

The goal is to turn Grasberg from an open pit mine into an underground operation, and to deploy techniques like those that have helped boost U.S. oil production. The change represents a significant technical challenge, and Freeport is considered one of the few miners with the expertise to do it.

Mr. Adkerson is well-known in mining circles, singing the Rodney Atkins song “If You’re Going Through Hell” at a 2016 conference to describe tough times. While many investors had expected him to retire following the Grasberg deal with Indonesia, he said he is looking forward to seeing the company’s largest-ever mining project through after spending years of negotiations.

“I have been traveling 200,000 miles a year for 15 years” going to Indonesia, he said. “We have now got Indonesia resolved, I want to be around for that.”

Mr. Adkerson joined Freeport in 1989, a year after the discovery of the Grasberg deposit in Papua, Indonesia. Since then, Grasberg has produced 36 billion pounds of copper and 54 million ounces of gold. This year, the mine will account for around 3.7% and 1.5% of new global copper and gold supply, respectively, according to investment bank Jefferies.

Late last year, Indonesia took a 51% stake in Grasberg by paying $3.65 billion to Freeport and Australian miner Rio Tinto PLC. Rio Tinto left the venture, taking the lion’s share of Indonesia’s payment, and Freeport remains the mine’s operator.

After the deal, which came after years of Indonesia refusing export permits and threatening new taxes, many investors expected Mr. Adkerson’s retirement and a sale for the company.

“For some time it has been mentioned as a takeover target, and of Adkerson stepping down,” said John Ing, the CEO of investment bank Maison Placements Canada Inc.

“But the key is the underground transition…they have a lot on their plate,” he said.

Freeport estimates that there is still as much copper and almost as much gold left at Grasberg. To get to the ore, though, the company is using relatively new techniques that can be technically difficult. That includes using the sort of hydraulic fracturing usually associated with the oil industry, and so-called block cave mining, where miners dig beneath the ore body and allow gravity to collapse it into places where it can then be extracted.

The company says the mine should produce 1.7 billion pounds of copper and 1.8 million ounces of gold annually by 2023, if all goes well. But success isn’t considered certain.

“There is a lot of debate in the market as to whether these projects will work,” said Christopher LaFemina, a mining analyst at Jefferies.

Meanwhile, the company faces lower revenue and higher capital costs during the transition.

“The issue is, in the short term, the company is not generating cash, so you have to get through that and believe things will be better in three years,” said David Lipschitz, an analyst at Macquarrie.

Few major miners are so dependent on the success of one project. Last year, Grasberg accounted for 58% of Freeport’s attributable operating income. By 2023, that will be at 26%, given that the deal with Indonesia means the size of the company’s stake in Grasberg has fallen.

Risks remain in Indonesia, some investors believe, including the government possibly demanding even more shares; unrest stoked by an often-violent separatist movement in Papua; and Freeport’s practice of using rivers to transport its mine waste.

Rendi Witular, spokesman for PT Indonesia Asahan Aluminum, the government holding company that has the controlling stake in Grasberg, said the joint venture is going well and they have no interest in increasing their shares to more than 51%.

Mr. Witular said Freeport’s contract expires in 2041 after which the government can take over entirely.

Mr. Adkerson said relations with the government are good. A company spokeswoman said using rivers to transport mine waste was extensively researched and data from biological sampling shows downstream estuaries are “functioning ecosystems.”

Indonesia, and its risks, are cited by some investors as a poison pill that would put off other miners from buying Freeport. Rio Tinto, for instance, just sold out of Grasberg—and Indonesia.

Bankers have argued that the Indonesia holdings could be separated from the company’s other assets, and the two parts sold separately.

Outside of Indonesia, the company has copper mines in the U.S. and South America. Some analysts say the assets in Peru and Chile are particularly promising.

Mr. Adkerson said Freeport isn’t for sale, though he adds that as a publicly listed company it would be shareholders’ decision if a bid did arrive.

Mr. Adkerson was criticized for being in charge during a disastrous debt-fueled foray into oil and gas, where Freeport spent $9 billion in 2013 on assets that were mainly sold for around $2.6 billion three years later, but investors say he is well-regarded as a mine operator.

“He’s respected, he has been around for a long time,” Mr. LaFemina said.

Mr. Adkerson, who became Freeport’s CEO in 2003, is in a bullish mood, particularly on Indonesia and copper. While the copper price took a hit in recent months amid concerns over tensions between the U.S. and China, the absence of major new mine projects will limit supply in the metal, according to some analysts and miners, likely boosting the market.

“And that is why I want to stick around,” he said.


Source : https://www.wsj.com/articles/mining-ceo-digs-into-his-biggest-challenge-at-age-72-11564920001

Weekly News

Chart of the Week: Nickel Bucks the Metals Trend


Concern over global growth has depressed the prices of many metals in recent weeks. Nickel has been an exception, however, soaring by almost a quarter to a 13-month high in just a fortnight.

In mid-July Indonesia, the second-largest exporter of nickel ore after the Philippines and a major supplier to China’s steel industry, said it would stick to plans to stop exports of unprocessed ore in 2022 in order to encourage domestic stainless steel production.

The price jump also reflects robust steel production in China in the first half and dwindling stockpiles: demand has eclipsed supply for five years. Traders are also looking forward to higher long-term demand as nickel is a component in batteries for electric vehicles.


Source : https://moneyweek.com/511766/chart-of-the-week-nickel-bucks-the-metals-trend/

Weekly News

Indonesian Krakatau Steel exports 60,000 tons of steel to Australia


Recently, Krakatau Steel, the largest steelmaker in Indonesia, exported hot-rolled coils and sheets, hot-rolled pickled and oiled sheet, and checkered plates to Australia with around 60,000 tons annually.

Since December 19th, 2013, the Australian government imposed an 8.6%-19% anti-dumping duty on Indonesian hot-rolled steel, and the decision had been expired on December 19th, 2018.

Cedex Steel & Metals Pty Ltd, a privately-owned steel and metals trading business, had been using Volcano Plate as the trademark to sell the steel products from Krakatau Steel in Australia with around 20 years. Currently, Krakatau Steel was using a new trademark of Krakatau Plate while doing sales in Australian market.

Besides, Krakatau Steel announced to increase the exports to Australia in the near future.


Source : https://www.yieh.com/en/NewsItem/106330

Weekly News

PLN to Build Indonesia’s Biggest Hydropower Plant in N. Kalimantan


State electricity firm PLN plans to build the country’s biggest hydropower plant (PLTA) in North Kalimantan, aiming to power the Tanah Kuning-Mangkupadi industrial and port zone (KIPI).

PLN director for strategic procurement 1 Sripeni Inten Cahyani said Friday that the project’s power capacity will stand at 1,350 megawatts (MW) and will operate six years from now.

“The project will be supported by the smelter industry in KIPI Tanah Kuning. Electricity demand in the area can only be fulfilled by a hydropower plant,” she said in Jakarta.

Her statement came after a meeting in the Office of the Coordinating Maritime Affairs Minister with Minister Luhut Pandjaitan, as well as officials from the Energy and Mineral Resources Ministry.

Luhut said the project’s investment was estimated to stand at US$2 billion. “I asked that the project begin construction next year,” he said.

During the same event, Energy and Mineral Resources Ministry electricity supervision director Hendra Iswahyudi said the project was part of the efforts to reach renewable energy targets of 23 percent of the national energy mix by 2025.

“North Kalimantan is rich with hydropower potential, so why don’t we develop [power plants]. We as the regulator will push for electricity from renewable energy,” he said.

According to PLN’s electricity procurement plan (RUPTL) for the 2019-2028 period, the Kayan River in North Kalimantan could generate electricity of 6×150 MW and there is also the potential for seven more hydropower plants with total capacity at 3,350 MW.


Source : https://www.thejakartapost.com/news/2019/07/26/pln-to-build-indonesias-biggest-hydropower-plant-in-n-kalimantan.html

Weekly News

BOSS' Net Profit Declined in 1H 2019 Despite Higher Revenue


Despite the fact that PT Borneo Olah Sarana Sukses Tbk (BOSS)’s revenue in the first half of 2019 is higher than its record in the same period of 2018, its profit was actually lower, mainly due to the higher financial expenses.

Based on the company’s financial statements, in the first half of 2019, BOSS generated Rp 172.90 billion in revenue, higher than its record in the same period of 2018 (Rp 135 billion). The company also managed to generate a gross profit of Rp 68.42 billion (from Rp 57.67 billion), operating profit of Rp 24.45 billion (from Rp 20.83 billion), and net profit of Rp 11.70 billion (from Rp 15.14 billion).

The biggest contributors to the company’s revenue was Glencore International AG (Rp 125.62 billion), followed by PT Trubaindo Coal Mining (Rp 19.09 billion), and PT Bharinto Ekatama (Rp 12.95 billion).


Source : https://www.idnfinancials.com/news/27347/boss-profit-declined-h-revenue

Weekly News

Govt Finalizes Plan on Vale’s Mandatory Divestment

The Energy and Mineral Resources Ministry and publicly listed nickel miner PT Vale Indonesia Tbk (INCO) are finalizing the valuation of shares of the nickel mining company that are to be sold to Indonesian investors as part of a mandatory divestment plan.

The ministry’s director for minerals, Yunus Saefulhak, said in Jakarta on Monday that the government and Vale were still in discussions over the nickel producer’s weighted average cost of capital (WACC), which could become a discount factor for the valuation of its shares.

He said a high WACC would produce a greater discount of Vale’s valuation, which would benefit the government.

Based on its contract of work that was amended in 2014, Vale’s owners are required to divest 40 percent of the company to Indonesian shareholders. They have sold 20 percent of the shares through the Indonesian Stock Exchange. The deadline for the divestment of the remaining 20 percent is October this year.

According to the regulation, the central or local governments have the privilege to buy the shares. If they are not interested, the right to buy the shares goes to state-owned companies and private companies.

Yunus further said the valuation was based on two schemes, namely a discounted cash flow over the firm’s benefits for the economy during the divestment deadline until the end of its mining contract and through market data benchmarking.

“Any method we use should prioritize how it would benefit the country,” he said, adding that the deadline for the valuation was August.

The ministry will submit the evaluation to the Finance Ministry and the State-owned Enterprises (SOE) Ministry before making a final decision on whether the state should buy the 20 percent stake in Vale or not.

Vale, one of the major nickel producers in the country, plans to produce between 70,000 tons and 72,000 tons in matte this year.


Source : https://www.thejakartapost.com/news/2019/07/30/govt-finalizes-plan-on-vales-mandatory-divestment.html

Mining People on The Move

Asiamet Resources - Board of Directors

Asiamet (“ARS” or the “Company”) is pleased to announce that all resolutions proposed to shareholders at the Company’s AGM held earlier today were duly passed.

Amongst other resolutions, all existing directors Peter Bird, Tony Manini, Peter Pollard, Faldi Ismail and Dominic Heaton were re-elected as directors of the Company.

Also at the AGM, Ernst & Young LLP were appointed as the Company’s auditors for the 2019 fiscal year, and the authorised share capital was increased to US$15,000,000 divided into 1,500,000,000 common shares of US$0.01 par value each.

ON BEHALF OF THE BOARD OF DIRECTORS

Peter Bird, Deputy Chairman and CEO


Source : http://www.asiametresources.com/regulatorynews/2019/06/25/results-of-agm/

Mining People on The Move

PT Bumi Resources Tbk - Yingbin Ian He


PT Bumi Resources Tbk. (“BUMI” or the “Company”) has convened an Annual General Meeting (“AGM”) or “the Meeting”), Tuesday (18/6) at J.S Luwansa Hotel. The Meeting had satisfied the quorum as it was attended by the shareholders, representing 33,699,426,952 shares or 51,47% of total shares carrying valid voting rights issued by the Company, in accordance with the provision of POJK No. 32 and Article 11 paragraph (1.a) of the Articles of Association of the Company, and the Meeting was therefore declared valid and may adopt resolutions that are valid and binding upon the Company.

The Agenda Items of the AGM were as follow:
1. Approval for Directors Accountability Statement in respect of the Company’s operations for Financial Year ended 31 December 2018.
2. Ratification of Balance Sheet and Profit/Loss Accounts for Financial Year ended 31 December 2018.
3. Utilization of Profit of the Company.
4. Appointment of Public Accountant to conduct the audit of Financial Statements of the Company for Financial Year ended 31 December 2019.
5. Change and/or reconfirmation of composition of Directors and Board of Commissioners of the Company.

By way of voting, the Meeting based on majority votes resolved the following:

First Agenda Item:
1. To approve the Company’s Annual Report, the key points of which have been presented by Directors of the Company and reviewed by Board of Commissioners regarding the conditions and operations of the Company for financial year ended on 31 December 2018.

Second Agenda Item
1. To approve Financial Statements of the Company for financial year ended on 31 December 2018, having been audited by Public Accounting Office Amir Abadi Jusuf, Aryanto Mawar dan Rekan (RSM Indonesia) with an Unqualified Opinion as set out in their report No. 00272/2.1030/AU.1/02/0501-2/1/III/2019 of 28 March 2019.
2. To grant full release and discharge to Directors and Board of Commissioners of the Company for their managerial and supervisory activities for financial year ended 31 December 2018 (acquit et de charge) so long as and to the extent that their actions are reflected in the Annual Report and Financial statements of the Company for financial year ended on 31 December 2018 and are not contradictory to laws and regulations.

Third Agenda Item
1. To declare that for the financial year ended 31 December 2018, the Company is unable to distribute dividends to all of its shareholders.

Fourth Agenda Item
1. To appoint Public Accounting Office Amir Abadi Jusuf, Aryanto, Mawar dan Rekan (RSM) as the auditor who will be auditing financial statements of the Company for financial year ended December 31, 2019 and/or for a given period throughout 2019 (as and when needed at any time), as well as grant the powers and authority to Directors of the Company to determine the amount of honorarium for Public Accountant, as well as other requirements for their appointment upon considering the recommendation of Board of Commissioners of the Company.
2. To grant the authority to the Meeting to delegate the appointment and dismissal of public accountant who will be auditing the financial statements of the Company for financial year 2019, and other periods in financial year 2019, to Board of Commissioners, upon considering their recommendations in accordance with the provisions of Article 36A paragraph (1) of Rule of OJK No. 10/POJK.04/2017 on Amendment to Rule of OJK No.32/POJK.04/2014 on the Planning and Convening of General Meetings of Publicly Listed Companies.

Fifth Agenda Item
1. To approve the resignation of Bapak Haiyong Yu from his position as Director of the Company, as well as grant a full release and discharge (acquit et decharge) from all his managerial and supervisory actions carried out in relation to his function as Director of the Company, which resignation shall take effect as of the closing of the Meeting.

2. To approve the appointment of Bapak Yingbin Ian He as Director of the Company, which appointment shall take effect as of the closing of the Meeting until such time as the office term of the replaced member of Directors expires in accordance with the Articles of Association of the Company, namely at the Annual General Meeting 2022 of the Company, without impairing the rights of the shareholders to dismiss him at any time, according to the prevailing laws and regulations.

3. To approve the reappointment of:
1) Bapak Saptari Hoedaja, as President Director of the Company;
2) Bapak Andrew C. Beckham, as Director of the Company;
3) Bapak Dileep Srivastava, as Independent Director of the Company;
4) Ibu R.A. Sri Dharmayanti, as Director of the Company;
5) Bapak Nalinkant Amratlal Rathod, as President Commissioner of the Company.

which appointment shall take effect as of the closing of the Meeting until such time as the Annual General Meeting 2024 of the Company is held, without impairing the right of the Shareholders to dismiss each of them at any time in accordance with the prevailing laws and regulations.

Accordingly, the composition of Board of Commissioners and Directors of the Company shall be as follows:

Board of Commissioners:
1) Bapak Nalinkant Amratlal Rathod, as President Commissioner of the Company;
2) Bapak Drs. Anton Setianto Soedarsono, as Independent Commissioner of the Company;
3) Bapak Drs. Kanaka Poeradiredja, as Independent Commissioner of the Company;
4) Bapak Y.A Didik Cahyanto, as Independent Commissioner of the Company;
5) Bapak R. Eddie Junianto Subari, as Commissioner of the Company;
6) Bapak Thomas Myer Kearney, as Commissioner of the Company;
7) Bapak Jinping Ma, as Commissioner of the Company; and
8) Bapak Wen Yao, as Commissioner of the Company.

Directors:
1) Bapak Saptari Hoedaja, as President Director of the Company;
2) Bapak Andrew C. Beckham, as Director of the Company;
3) Bapak Dileep Srivastava, as Independent Director of the Company;
4) R.A. Sri Dharmayanti, as Director of the Company;
5) Linjung Zhang, as Director of the Company;
6) Xuefeng Ruan, as Director of the Company; and
7) Bapak Yingbin Ian He, as Director of the Company.

4. To grant full authority and powers with the right of substitution to Directors of the Company either individually or jointly to perform any necessary acts in relation to the resolutions adopted herein, including but not limited to stating the appointments of the members of Board of Commissioners and Directors of the Company in a notarial deed and registering the same in the Company Register in accordance with the prevailing laws and regulations.

5. To approve the grant of authority to Board f Commissioners of the Company, taking into account the recommendations from the Nomination and Remuneration Committee of the Company, to determine the salary, honorarium and other allowances (if any), as well as distribution of duties and authority of each member of Directors and Board of Commissioners.


Source : http://www.bumiresources.com/uploads/2019/06/0e7500362557525bd5cd9cc7ef24716d_83b85db6ebc4bacb611c9ce491c6c75c.pdf

Mining People on The Move

Asiamet Resources - Feng (Bruce) Sheng


Asiamet Resources Limited (“Asiamet” or the “Company”) is pleased to announce the appointment of Mr Feng (Bruce) Sheng as a Non-Executive Director to the Board effective from 10 July 2019. Mr Sheng is the Chairman of Melbourne based Asipac Group Pty Ltd, a diversified company with investments across the resources and financial sectors, and various property businesses. Mr Sheng also currently serves as Vice Chairman of the Australia China Business Council (Victoria) and the Executive Chairman of ASX listed Terramin Australia Ltd, a company developing a portfolio of zinc and gold projects in Australia and Algeria.

Tony Manini, Executive Chairman commented:

“On behalf of the Company we welcome Bruce to the Asiamet Board. Bruce has been a long-term supportive shareholder and we look forward to the opportunity to work more closely with him as we move into the project financing and development stage for the BKM project and continue advancing our other high potential projects on the KSK CoW and at Beutong. Bruce has spent the past 25 years working at the interface between China-Australia business and brings extensive experience and networks across China and greater Asia to the Asiamet board. This is particularly relevant given China’s One Belt-One Road policy and the large amount of Chinese inbound investment into Indonesia associated with it. Enhancing the Company’s level of connectivity with China is expected to add significant value as we continue the development of our portfolio of high-quality copper, gold and polymetallic projects. Different skills and experience will be required to take the Company forward and as such further evolution and strengthening of the board and management team is considered an important requisite for continued growth. Our ability to attract new directors of the calibre of Bruce, and Dominic before him, are testament to the progress we have made and the quality of the growth opportunity that Asiamet presents for investors. We look forward to continuing to deliver on our plans for the benefit of all stakeholders.”

The Company provides the following additional disclosure as at 10 July 2019 relating to the appointment of Mr Feng (Bruce) Sheng as director of Asiamet, effective 10 July 2019:

Mr Feng (Bruce) Sheng, aged 56, currently holds or has held the following directorships and partnerships over the last five years.

Mr.Sheng,through the holdings of Asipac Group,has an8.55% interest in the securities of Asiamet at the date of this announcement.

Except as disclosed in this announcement, neither the Company nor Mr. Sheng are aware of any further disclosures that are required in respect of the appointment of Mr. Sheng under Rule 17 or paragraph (g) of Schedule Two of the AIM Rules for Companies.

ON BEHALF OF THE BOARD OF DIRECTORS

Tony Manini, Executive Chairman


Source : http://www.asiametresources.com/regulatorynews/2019/07/17/asiamet-director-appointment/

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