Finders estimates lower capital requirement for Wetar Island copper project
Thursday, September 5 2013 - 01:22 AM WIB
ASX-listed Finders Resources Ltd said that the capital requirement for its Wetar Island copper cathode project in Maluku province may be lower than initially expected.
In a statement received Thursday to explain the results of its preliminary work on the revised bankable feasibility study for the project, the capital requirement is now estimated at US$133 million (before contingency), which is a reduction of over $34 million from the previous feasibility study.
?The revised design incorporates the changes announced on 26 July 2013 . The new SX/EW plant is a single stage 25,000 tpa Cu capacity plant based upon an extension of the existing Finders owned 16,000 tpa ex-Whim Creek plant. The single stage design reduces construction cost and time compared to the previous two stage plant design,? the company said the statement.
?Key drivers of the reduction in capital, in addition to the move to a single 25,000 tpa SX/EW plant, include design changes to the heap leach pad earthworks program and heap leach stacking sequence, more detailed civil earthworks design, re-designed geotechnical pit and civil structures and modifications to the Kali Kuning pit mining sequence and schedule. These changes have also enabled a shorter construction period of 15 months, down from 24 months,? it added.
The company expects to finalize the bankable feasibility study in October following another round of more detailed engineering and design work for the processing plant, crushing plant, civil earthworks and open pit.
Editing by Reiner Simanjuntak