Asiamet Resources Share Discussion Threads

[buildit1] 21/10/2018 22:14

And this is the govt response to the protest/filing. 40Explanation of the Ministry of Energy and Mineral ResourcesPreviously reported, the Ministry of Energy and Mineral Resources (ESDM) of the Republic of Indonesia responded to the action of gold mining refusal by PT Emas Mineral Murni (PT EMM) in Nagan Raya.Responding to the confirmation of on Thursday (9/27/2018) night, Public Relations of the Ministry of Energy and Mineral Resources, Agung Pribadi said, in giving exploration permits to PT EMM, the Ministry of Energy and Mineral Resources had carried out in accordance with applicable law. Agung said, PT EMM as a foreign capital company (PMA) had also applied for permits in accordance with the applicable rules.Therefore, the Ministry of Energy and Mineral Resources provides licensing after going through the procedures and stages that apply in the legislation.It was said, granting permission to PT EMM in accordance with Law Number 4 of 2009 concerning Mineral and Coal Mining and Regulation of the Minister of Energy and Mineral Resources (ESDM) Number 25 of 2018 concerning the Exploitation of Mineral and Coal Mining. (*)

[fbrj] 21/10/2018 21:52

Waterloo - I agree with you 100%. I spent a while looking and google translating various news articles . It definitely involves an ARS subsidiary. The protests have been reported for at least a month. The protesters appear to be local villagers, students and an organisation which can best be described as a local type of Greenpeace (Walhi). Their argument seems to be that although the permits were approved at government level, they were not approved locally (no idea if this is necessary).
There is a document I came across prepared by Hackman in November 2014 which is a 200+ page technical report on "The Beutong Copper Gold Silver... Mineralisation Aceh, Indonesia". On page 29 "Environmental Permitting" it states that various approvals (including an Environmental Impact Assessment - known as an AMDAL) were obtained from the Bupati (Regent) of Nagan Raya. This area is where the local protests have been taking place.
The AMDAL forms part of the application for the Production License, which was granted in January 2018 (see RNS 8 Jan).

[horneblower] 21/10/2018 18:50

Re "the mine" at Beutong...
There is no mine at Beutong as far as I know.

I believe we have two drilling rigs operating in out-of-the-way places in virgin forest with the drill-rigs taking up very little space and then moving on...but no mine. That won't happen for about four years.

So perhaps the protesters are talking about someone else's mine?

Looking at Google maps in satellite mode, the area seems to be virgin forest. I don't know the exact location but the ARS website's map indicates an area of zero population. No villages, no logging, no huts. I accept the possibility that there may well be political opposition at some point but I do not see any indigenous population that might need re-location.

Interestingly, the Google map shows somewhere to the south of where I ascertain "Beutong" to be, there is shown a small area of maybe a few hectares in the middle of virgin forest were there are, apparently, a dozen or so Mosques. Yes, Mosques. The satellite image shows unbroken forest. Perhaps they are underground.

[zebbo] 21/10/2018 18:47

regards the statement - "As such Asiamet is evaluating various options including partnering to test this deeper potential and more rapidly progress the development of Beutong in the near term."

They sounded very bullish almost excited regards partnerships within the gold/copper arena. Sort of gives you an idea that this is the chosen route.

[waterloo01] 21/10/2018 18:25

As I understand it, and I'm sure I'll be corrected!, there is a case lodged but it isn't against the company per say but against the government in granting the licenses. I suspect the lower court will get short shrift, but it's not fully resolved yet, as far as I know, given the case was only lodged last week.

I understand the company can't really comment about it as it's sensitive and up to the govt department to get it dismissed.

As for cars. I have no view. They all sound lovely.

[dorset64] 21/10/2018 18:09

Mount Teide/okidokicoki

I'm a lover of the Porsche Cayenne having driven one for the past 9 years, but this year transferred over to this SUV instead, and gotta say its good fun to drive & the sound is awesome:

[buildit1] 21/10/2018 17:57

Its quite straighforward.We had a protest. Local students/demonstrators complaining about the mine. The govt then came out and said all in order and PT EMM and therfore ARS have done everything legally in accordance with law. So nothing to worry about.

[mrpiggy] 21/10/2018 16:50

Here is the translated full article, we seem to have a contradiction between the article which states the mining license had been refused and the ministry of mineral resources which states all is in order. Fake news?
SERAMBINEWS.COM, MEULABOH - Hundreds of students and activists from non-governmental organizations in West Aceh staged a demonstration at the Meulaboh Pelor Roundabout, West Aceh, Monday (10/15/2018).
The demonstration took place peacefully and rejected the presence of PT Emas Mineral Murni (EMM) in Beutong Banggalang Nagan Raya and Central Aceh.
The demonstration in the name of student action for the generation of Beutong Banggalang (AM GBAB) was escorted by the local police.
The crowd carried banners, cartoons and loudspeakers which were delivered alternately.
Explanation of the Ministry of Energy and Mineral Resources
Meanwhile, the Ministry of Energy and Mineral Resources (ESDM) of the Republic of Indonesia responded to the action of the gold mine refusal by PT Emas Mineral Murni (PT EMM) in Nagan Raya.

[mrpiggy] 21/10/2018 16:07

Have we nothing to worry about if that article is correct then snickerdog?Seems to read that way!

[horneblower] 21/10/2018 15:36

Yup. There have been loads of posts since Friday morning when it was first posted.

[zho] 21/10/2018 14:39

Yes, thanks. I took ages looking for a source of that story and couldn't find it.

[okidokicoki] 21/10/2018 13:31

Thanks Snickerdog

[okidokicoki] 21/10/2018 13:30

Must say I love the new Jags very nice looking car I drive a 2014 Audi a5 s line TDI convertible has never missed a beat since I have had it and has now done 116k miles ! Bullet proof :-)

[snickerdog] 21/10/2018 13:29

Oki Use google translatehttp://aceh.tribunnews.com/2018/10/15/mahasiswa-di-meulaboh-juga-demotolak-beroperasinya-pt-emm-di-nagan-rayaSecond paragraph

[mount teide] 21/10/2018 12:55

Oki - Sold my M5 plate with the car. No more German cars for me.

Will be buying a new Jaguar F-Type as my final ICE car before moving to an EV - the designer Jaguar attracted from Aston Martin completely revolutionised the Brand.

Don't get me wrong the M5 is a brilliant car that never fails to put a smile on the driver's face - only had one slightly chastening experience with any of them in over 14 years of ownership of three different models - on a long straight section of an unlimited speed German autobahn heading towards the Port of Bremen. Travelling at 175mph i was quickly caught by another car which stopped briefly alongside before accelerating away at speed! The car? A Mclaren F1. The speed that car accelerated away had to be seen to be believed.

Best M5 of the lot from a driver's perspective was the manual, normally aspirated 5L V8 E39, the later versions while more technically advanced and faster took away the driver enjoyment and engagement via semi auto gearboxes and turbo's.

[okidokicoki] 21/10/2018 12:42

does anybody know a source for the post before

[snickerdog] 21/10/2018 12:33

From the follow-on article below:Explanation of the Ministry of Energy and Mineral ResourcesMeanwhile, the Ministry of Energy and Mineral Resources (ESDM) of the Republic of Indonesia responded to the action of the gold mine refusal by PT Emas Mineral Murni (PT EMM) in Nagan RayaResponding to the confirmation of Serambinews.com on Thursday (9/27/2018) night, Public Relations of the Ministry of Energy and Mineral Resources, Agung Pribadi said, in giving exploration permits to PT EMM, the Ministry of Energy and Mineral Resources had carried out in accordance with applicable law.Agung said, PT EMM as a foreign capital company (PMA) had also applied for permits in accordance with the applicable rules.Therefore, the Ministry of Energy and Mineral Resources provides licensing after going through the procedures and stages that apply in the legislation.It was said, granting permission to PT EMM in accordance with Law Number 4 of 2009 concerning Mineral and Coal Mining and Regulation of the Minister of Energy and Mineral Resources (ESDM) Number 25 of 2018 concerning the Exploitation of Mineral and Coal Mining. (*

[okidokicoki] 21/10/2018 11:24

Just had a bid for my Reg W88 RNS thinking about taking it after this week lol

[cupidstunt42] 21/10/2018 09:32

Give peas a chance.

[europa79] 20/10/2018 23:32

Copper, Gold...and now peas!!

[highly geared] 20/10/2018 22:26

Beutong- 2 things need to be done; the overall tonnage ( resource) needs to be doubled and the enlarged resource to deliver this ( arising from the 2018 and to be funded 2019 programme) needs moving up to more in measured and indicated category.

This means an extensive delineation drilling on the existing Jorc area, more drilling to areas outside the current envelope and some deep drills to test down to 1500m.

Concurrently, a PEA should be produced on the total resource.

How much will this cost; I’m guessing $30-$50 million. So, we need a partner and pronto.

[mr roper] 20/10/2018 22:06

10 days ago I thought it was realistic. Now..might be pie in the Sky.

[cyberbub] 20/10/2018 22:03

Do you mean $50m to sell 25% of Beutong outright? Or a partner to spend $50m to earn-in 25%? In either case that would be amazing, and take the pressure right off - but seems a bit optimistic maybe?

[mr roper] 20/10/2018 20:57

Build it, no... telling shareholders the bfs will be out in weeks not months x months ago, then issuing an rns to say it will be out that quarter, then two weeks after that quarter ended saying it’ll be another 6mths. No bull or bear about it but if that ain’t keystone cops wtf is...oh and no one mentioned the cash that was at 4m end Of June and they’re burning 750-1m a month. 20 drills? Where’s the money tree?

You mention a good point, I think that was the first podcast TM mentioned it 2as an unusual approach to skip a step in feasibility.

Dominic isn’t at the helm. He’s a non exec. Tm and PB are at the helm.

Beutong results..every single Beutong result has been sold into. As for PR..why release both within a minute of each other?

As I said, the bod have been great for the last two years, although their hitting dates hasn’t always been great but they got away with it. The bfs dates and subsequent change of tack is a mess though. As I said, they need to get it back on track now and focus on the job in hand but a balls up like that leaves a stain and where I put my cash is influenced by bod behaviour

Best thing would be getting shot of 25-50% of their Beutong holding but for what price is the question? 50m bucks for 25% now any buyer knows we need cash?

[buildit1] 20/10/2018 19:24

From perma bull to perma bear after Thursdays announcements Mr R. A little extreme?So delaying the BFS to get better financial terms via more drilling and most likely a higher copper price in 6 months time is Keystone Cops? They didnt get all the info back from various consultants until the end of Sep. They then made a decision to do further drilling. Yes the delay is disappointing but for the best in long run?Perhaps significant that Dominic Heaton having joined in summer and noted for delivering projects to time and budget has had an influence here. As TM said in podcast going from PEA to full feasibility (bypassing pre feasibility) is unusual and again they were probably too optimistic with guidance. Now Dominic is at the helm re development perhaps guidance will be more accurate.Agree mgt have to regain faith and I know via the twitter pages that they are accutely aware of that. My frustration is the Beutong protests panicked people which exacerbated selling when they announced BFS delay. The very strong Beutong result was ignored - again! If we hadnt of had that red herring what would the stock have done?A partner on Beuting and BKM BFS back on track in 6m and all is forgiven. In meantime we have $4m to spend on cheap drills at BKM KSK. Small raise to complete other drilling at KSK deep at BKZ/BKM etc and also the permit at Baroi perhaps?All brokers are reiterating targets post news this week.