Asiamet has signed a memorandum of understanding (MoU) with China Nonferrous Metal Industry’s Foreign Engineering and Construction (China NFC) to develop the Beruang Kanan Main (BKM) Copper project.

China NFC will provide engineering, procurement and construction management (EPCM) services for the project, which is located in Central Kalimantan, Indonesia.

The company will undertake a detailed evaluation of the technical and financial aspects, as well as propose a set of solutions to Asiamet with respect to the EPCM components of the mine development.

Services provided by China NFC will include front-end engineering design (FEED), equipment capital items, and facilities arrangement.

The procurement services will include establishment of tender process and documents, while construction services include contractors’ management for the construction phase and commissioning of work packages.

According to Asiamet, financing will be part of the project management services provided by China NFC.

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By GlobalData

Asiamet executive chairman Tony Manini said: “The signing of this MoU with China NFC represents an important strategic milestone for Asiamet and we are extremely pleased to have the opportunity to work with one of China’s leading mining, processing and contracting companies on the next stage of development of the BKM project.

“Despite recent market volatility, supply-demand fundamentals for copper remain strong and while we still have a number of key engineering, financing and permitting milestones in front of us prior to commencing mine construction, the signing of this MoU and the initiation of the value engineering phase clearly demonstrates our ongoing commitment to developing the BKM copper project in the shortest timeframe possible.”

In a separate announcement, the company has raised $2.1m, which will be used to fund value enhancement initiatives outlined in the recently completed BKM Feasibility Study.

In March, Asiamet also received two key approvals from the Indonesian government for its wholly-owned BKM copper project.