Finders closes $45m financing from Daewoo
Monday, November 10 2014 - 02:01 AM WIB
ASX-listed Finders Resources Limited announced Monday the closing of a financing agreement with Daewoo International Corporation to help fund the expansion of its copper cathode smelter project in Indonesia.
Daewoo has agreed to provide equity and loans worth US$45 million in exchange for an interest of 24.1 percent in Finders? Indonesian subsidiary PT Batutua Tembaga Raya, which owns the Wetar Copper Project on Wettar Island, Maluku province.
Finders started a 3,000-ton per annum copper production at Wetar on March 31, 2014. The company is planning to develop a second 25,000-ton per annum capacity plant as part of an expansion project.
Finders said it will mobilize manpower, equipment and materials for the 25,000tpa plant this month which will also produce LME Grade A copper cathode. Commissioning of the expanded plant is expected by the end of 2015.
Finder is an emerging low cost copper cathode producer in Indonesia, plus a highly prospective, advanced gold-silver exploration project in Sumatra.
Editing by Reiner Simanjuntak