Finders: First copper plated at Wetar expansion project
Wednesday, June 1 2016 - 07:05 AM WIB
ASX-listed Finders Resources Limited announced on Wednesday that first copper has been plated at the recently commissioned 25,000 ton per annum (tpa) copper cathode solvent extraction electrowinning (SX-EW) plant, Maluku province.
Commissioning of the expansion project continues with staff now focusing on ramping up production and adding to copper cathode output from the already operating 3,000 tpa. SX-EW plant. Further progress updates on the production ramp up will be provided in coming weeks.
Managing Director Barry Cahill commented: "In what has been a very tight construction schedule, it is very pleasing to be able to announce the plating of first copper at the 25,000 tpa SX-EW plant. It has been a testing period and is a credit to the efforts of all those involved. I would particularly like to thank the project team comprising many staff, consultants and contractors for their efforts in achieving this significant milestone at the Wetar Copper Project."
Finders is the operator of the Wetar Copper Project (72% interest) and the Ojolali Gold-Silver Project (72% interest) both located in Indonesia.
The Wetar Copper Project comprises the development, open pit mining and processing of the high-grade sulphide deposits at Kali Kuning and Lerokis located within 3 kilometers of the coast on Wetar Island. The project benefits from having existing infrastructure in place, particularly a wharf, camp and roads and partially pre-stripped copper ore bodies from a prior gold mining era.
Finders currently operates a 3,000 tpa copper SX- EW plant. To date, the plant has produced 6,000 tons of LME Grade A copper cathode, all of which was sold at a premium to the LME price and without specification issues.
The current commissioning of a 25,000 tpa SX-EW facility will lift annual production capacity to 28,000 tpa. The Bankable Feasibility Study for the expansion project estimated a US$132.4M capital cost (excl. contingency) and a cash operating costs of US88c/lb Cu at an efficient production level.
Finders has successfully arranged a $162 million senior facility and an additional $45 million project level equity facility to fund the expansion project.
Opportunities for extending the mine life are strongly founded on exploration upside, focusing initially on the nearby satellite Meron deposit and other identified VMS copper and gold targets on Wetar Island including Karkopang.
Editing by Johannes Simbolon