Finders delays production of Wetar copper project to Q2 2016
Monday, February 1 2016 - 05:43 AM WIB
ASX-listed Finders Resources Ltd said Monday that expansion schedule of its Wetar copper project in Indonesia?s Maluku Province has slipped slightly due to the delay in delivery of some materials, including structural steel, and it is anticipated that this will push first production into early second quarter (Q2) 2016, from the initial target of first quarter.
The company said in a statement that the delay, ?while disappointing, is not unexpected in the very tight construction schedule. The project remains on budget.?
Finders is developing a 25,000 ton per annum (tpa) copper cathode SX-EW plant as part of the expansion of its copper project on Wetar Island.
The company said electrical work has commenced with the installation of high voltage powerlines and buried cable. The power station has been completed and is ready for commissioning once the high voltage gear is established. ?It is anticipated that the 3kt plant will be reticulated onto this circuit in early February,? it said.
The installation of two new fuel storage tanks is well underway and will add two and a half million liters of storage capacity to the project.
Coastal facilities progressed well with construction of the workshop and warehouse remaining. The accommodation camp has been completed and is being occupied by construction crews.
Managing Director Barry Cahill commented: ?Construction progress on the 25,000 t.p.a expansion project during the quarter has been exceptional in light of the very tight schedule. While the expansion project remains on budget, the schedule has slipped slightly due to the delay in the delivery of structural steel which will push first production into early Q2 2016.?
Editing by Reiner Simanjuntak