LONDON: Asiamet Resources Limited intends to relocate its corporate head office function from Melbourne, Australia to Jakarta, Indonesia commencing immediately.

While there are a number of drivers for the relocation, the Asiamet Board considers that a significant increase in corporate and project activities relating to ongoing funding and development of the Company’s asset portfolio, in particular the nearer term BKM Copper Project, is best served by moving the Corporate head office to Jakarta.

As part of this transition, CEO and Deputy Chairman Mr Peter Bird will depart the Company effective Friday 31 January 2020.

Chief Financial Officer, Mr James Deo will continue to work with Executive Chairman Tony Manini to transition the corporate functions to Jakarta over the next 2-3 months and a recruitment agency will be appointed to assist the Company with a search process to fill senior operational management roles in Jakarta. James will continue in his current role until the Jakarta operational team is fully established and the transition of all corporate functions and activities is complete.

The Asiamet in-country team remains highly focussed on advancing the extensive processes required to secure the permits for further drilling and BKM project construction, and these activities will continue uninterrupted reporting directly to the Executive Chairman. Intensive ongoing financing activities are being led by the Executive Chairman, supported by the CFO and Board.

Executive Chairman Mr Tony Manini said “the Company is now in a strong position as a result of the delivery of the BKM Feasibility Study and the establishment of management systems and processes that have been put in place by the Melbourne team to set the Company up for its next stage of development.  These are never easy decisions but it is the Board’s firm view that post completion of the BKM studies phase, the major activities relating to permitting, funding and project development are best managed from a Jakarta headquarters. On behalf of the Board I would like to thank Peter and his small team in Melbourne for their dedication and hard work over the past few years and wish them well in their future endeavours.”