Asiamet Resources Share Discussion Threads

[dorset64] 01/3/2024 12:52

Andrew/ADW regarding when the bank will lend, that is a moving object given any questions or demands they have.

When I guessed finance within 3-6 months & overall spend that was based upon info in the public domain and, I would say, was probably about right. What has happened since then is that the company has announced a few times that the bank want to see certain items ticked off and fully completed prior to completing. These items include signed jv’s with local on-site contractors, the electrical supply via biomass contracts signed, the final lay-out including savings made by moving the Heap Leach unit plus quite a few other items. Do you think all this work comes ‘free of charge’ when using consultants & design engineers, obviously you do!

As you believe you’re so good at understanding this and what’s involved, if you can tell me exactly when all of the above, and more, will be fully completed & signed off by the relevant authorities, I’ll then add that to my original guess of finance in ‘3-6 moths’ and we’ll end up with a new date. Whether that date is correct is finger in the air time as mine was only a guess, but its humbling to know you hang on to every word I say and keep records of them.

You seem to believe that nothing moves especially timelines in industry nor business, that plans never change, that banks don’t go slow given the micro environment and that everyone keeps explicitly it timelines given in good faith but never changes.

[adw198] 01/3/2024 12:17

Cash should be ok for a few months yet as we got the $4m from DOID. Obviously back in September Dorset was arguing spending would be largely limited to wages, but he appears to have got that completely wrong as well, as he’s now telling us how much more work needed to be done to get a cup of tea from the bank, let alone $230m! And set against his predicted times it’s all happening this month :)

Dorsets post 30359, just after calling someone’s suggestion we’d need funds “tosh” said

“I would say apart for monthly wages for staff there's not a lot else of great expense”

A month later we got the $4m :)

[mcpaulas] 01/3/2024 10:11

They must be getting very short on funds by now.

[adw198] 01/3/2024 09:44

I’m fairly sure I’ve already confirmed but no I have absolutely no experience of building or financing a copper mine in Indonesia.

Don’t lecture me about how long it takes. YOU told us early October finance would be in place within 3-6 months. YOU told us it would be funded from banks and off takers. So when that doesn’t happen, perhaps some reflection would be better than telling everyone else how wrong they are.

If you think DOID or indeed anyone else is interested in a Project level perhaps set out how you think that’ll work? $50m for 51% was the arrangement last time before DOID completed their due diligence and backed off their project level investment. Which given what they’ve managed to snaffle up at a corporate level since was a very wise move.

[dorset64] 01/3/2024 09:34

You really do come across as you can't read & understanda RNS. Who, anywhere said DOID were not looking to be involved at project level. Today's news mention Corporate activity not just project activity, do you actually understand the difference or think they are both the same activity?

[adw198] 01/3/2024 09:26

It really is incredible that any one could regard this as positive. It’s the same old
lines they’ve used time and time again. Are these interested parties different to the ones who have been mentioned every year since 2019? And even if we play along and assume there is genuine credible interest what is that deal going to look like?

The rhetoric for DOID walking away from a deal when the share price was circa 3-4 times higher than this was “see through value”. So how does that see through value look now? And why on earth aren’t DOID getting involved at a project level? That’s the first question I’d be asking if I was being asked to get involved in a JV.

But in reality it’s mainly all BS, stringing things along till DOID take us out. Once you reconcile yourself to that it all makes sense.

[dorset64] 01/3/2024 09:24

ADW, tell me, have you ever had ANY experience of putting together a project that includes jv's, permits, sign-offs, approvals, designs, funding, consultants, banks etc etc?There is a reason that it takes an average of more than 20 years to bring a mine through to construction but you think it can be done in a couple of years. Asiamet are at the final stages of this journey, how long that will be or when the finance drops, or when they announce a jv, or announce a project sell I have no idea but I do understand the economics of such projects, their timescales which, unfortunately is something you don't. 2LB look closer fella as there is 'new' news in there, all you have to do is read the release with a clear mind.

[mr roper] 01/3/2024 09:16

Looks like Tony M has a time machine and went back and pulled out an update from 2018. How this company is still going I have no idea. Been stringing shareholders along for years. They'll be bringing Pete Bird back soon as most will have forgotten who he is ;0)

[dorset64] 01/3/2024 08:32

I honestly think you lot are stuck in the same old rhetoric and refuse to look at it 'from afar'.You have been banging on about nothing happening at Beutong whilst in reality, it is obvious they have been speaking with interested parties for some while. This has now cumulated in a couple of those parties now performing full due diligence and, not only that but going to the time & expense of visiting site to see it in person. That to me is a huge plus side. I believe that there are also two options with these groups in that one is a full sale of Beutong and the other is a jv, either way if either drops you guys tell me how much of this is currently in the price?Regarding BKM it is obvious they are ticking off all of the banks requirements prior to the monies being released. A separate deal with a Co to BFO the biomass plant is huge as that's the power sorted and the build cost removed from Asiamets ownership.Look at the haulage and barge sizes, if this further reduces the cost and sets in stone exactly what can be transported from site to the miller's then that again is another positive. You have to look at this from a wider perspective and using a housing estate analogy, this is exactly the same.If I went to a bank and asked for monies to build 50 houses, the bank would not lend until I gave them everything, ie outline, reserved matters & full approval from the council, sewage & water designs/costs/drawings & approval from the local water Co that's there's enough capacity to cope, if not then design so.ething that would. Then highways/Road layout/traffic studies and then drawings with full sign off from the highways dept.I could go on and include S106 contributions, police and crime commissioners sign off, district council sign off, noise & air pollution sign off, animal welfare sign off etc etc, all of these are needed before a bank will even look at the economics of a site let alone giving you money. What Asiamet are doing is putting all of these little points in place that, on the face of it appear a waste of time but in fact are just as important to mine finance approval as having a profitable mine to operate from.Take a step back and look at what they are telling you, nothings certain, TM is still a waste of space but to me, Darren appears to be doing everything right albeit slowly and, if ghe Chinese (my guess) turn around to make an offer for part or all of Beutong and/or BKM, then the 'small works' completed above would be reflected in the purchase price.

[bared_bones] 01/3/2024 08:18

Going lower on this update and absolutely nothing guaranteed for Q1. Sad state of affairs.

[adw198] 01/3/2024 08:08

I think the updates all but confirms we won’t be getting $230m any time soon (if at all). Hence they’ve pivoted back to interested parties at the corporate level because there’s f’all progress with the banks. Or did I miss the bit about when the lead bank will be appointed and when the INITIAL credit committed approvals (targeted for last year) will now complete?!

It’s actually quite a laugh reading these updates when you can see the playbook.

[2lb] 01/3/2024 08:04

Just a cut and paste of the last five updates - pretending to be busy and more garbage about yet more interested parties , site visits , data room access , blah blah blah

[tightfist] 01/3/2024 07:59

Yes, this caught my eye too: "To solve for the project funding requirement for the development of the BKM Project, the Company is evaluating a potential divestment of part or all of either project." Realising some value could be a game changer, and not before time!

[mcpaulas] 01/3/2024 07:49

Same old waffle.No real progress.Nothing signed or aggreed,but a hint that they could be selling off some of its assets.

[jimbo310813] 23/2/2024 15:28

there's a funny colour on the price movement - it's usually red...

[bradshaw980] 21/2/2024 17:58

IMHO fear not my friend, for our glorious CEO is none other than Darryn "hive of activity " McClelland.

[mreasygoing] 21/2/2024 17:17

Another new low on no news.Mining sector on its knees. Most miners at lows.

[bradshaw980] 19/2/2024 18:56

Anyway excuse my ramblings but I also think it's time Darryn "hive of activity " McClelland actually delivered something. Back in October we were apparently a hive of activity and close to some major de risking events, here we are almost in March looking like plums ! If October was a hive of activity I shudder to think what November, December and January were like, the office must be a literal ball of energy right now.

[bradshaw980] 19/2/2024 12:11

Just to get your noggin around the size of a heap leach pad this one Asiamet is building is probably the size of around 50 football pitches and higher than your house LoL so you can imagine the cost of the civil earthworks innit. Just imho DYOR!

[bradshaw980] 19/2/2024 11:54

Any business update for me needs to address the heap leach. Just read NewPro 2023 FS again and apparently there is a same sized 37 hectare site for the heap leach but this site requires less civil earthworks ie less money but there is another option to design a HL that is capable of stacking the ore reserves of 40.8 million tonnes plus allowance for inferred resources which will ultimately produce more copper. Need to nail this ffs.

Also the principal challenge for this site is acid Rock drainage, as this ore basically starts oxidising immediately and leaching acid, they've been doing work around this including tech to extract copper from the acid water, but ultimately it must be treated before being discharged to the environment. This brings us onto lime to raise the PH now this apparently is horribly expensive to ship from Surabaya so ideally need to get it from Rinjin 20 km up the road innit. Update on this please plus the biomass power station.

Also to the melts who say why aren't we drilling BKM FFS well apparently we can't as the current site permit is in the transition process which means no drilling permits.

All imho DYOR!

[bradshaw980] 19/2/2024 10:25

Adw198 you need to get out more son, as you seem to think 230 million is the largest amount of money anyone has ever conceived or thought about. Let's consider Tecks flagship Quebrada Blana 2 expansion: in 2019 the cost was thought to be 4.7 billion dollars now it looks like it's going to cost them circa 8.8 billion dollars, so in the copper mining game and the grand scheme of things 200 poxy million is peanuts lol! Just imho!

[adw198] 19/2/2024 09:38

Inside info was clumsy on my part, I wasn’t suggesting market defined inside knowledge, just that Dorsets again taking this stuff as gospel from dodgy sources.

In terms of how far we’re away from construction I’d estimate about $230m and a permit away!