Finders: Daewoo funds received for Wetar copper expansion
Wednesday, January 7 2015 - 04:43 AM WIB
ASX-listed Finders Resources Ltd said that funds from the US$45 million investment by Daewoo International Corporation (Daewoo) were received in November 2014 by PT Batutua Tempaga Raya (BTR), the company?s Indonesian subsidiary, and immediately put to use to continue the construction of the 25,000-ton per annum copper cathode (25kt) SX-EW Plant.
The company said in a statement that the newly appointed EPCM contractor, GR Engineering Services Limited (GRES) has commenced engineering design and BTR has temporarily located a Processing Manager in the GRES office to assist with this pro cess. GRES has also attended site to assess the Whim Creek SX-EW plant, which is currently stored in containers, for the refurbishment process.
Negotiations have advanced for the supply of the new crushing circuit, major contracts including the construction camp, camp services, diesel supply and power supply. Recruitment of construction personnel has also commenced and the quality of candidates has been high with several having already commenced, the company added.
Managing Director Barry Cahill commented ?We are pressing ahead rapidly with construction. We expect key contracts and personnel to be secured in favorable market conditions, allowing for a strong start to the project.?
The Bankable Feasibility Study for the Wetar project showed a US$132.4M capital cost (excluding contingency) and first quartile operating costs of US88c/lb Cu. Finders has completed construction and commissioning of the 3ktpa SX-EW plant, which is now producing copper cathode.
The new 25,000 t.p.a. copper cathode plant is expected to be online at the end of 2015.
Editing by Reiner Simanjuntak