Finders gets forestry permit for Wetar Island copper project
Thursday, July 11 2013 - 01:28 AM WIB
ASX-listed Finders Resources Limited announced that the final forestry permit (known under the Bahasa term as Izin Pinjam Pakai) has been awarded to its Indonesian operating company.
The company said in a statement on Thursday the permit allows the company to carry out development of mining and production activities at the Wetar copper on Wetar Island, in Southwest Maluku regency, project through to expiry in December 2031.
The forestry permit is the final permit required to complete project financing and commence project development. In preparation for development, Finders intends to:
? Restart its demonstration plant in order to generate early cash flow; and
? Complete the revision of capital and operating cost estimates for a refreshed Feasibility Study required to update bank credit approvals.
In addition, as the company is progressing into development, Finders has commenced the process of restructuring its board with the aim of enhancing skills and experience and promoting corporate governance.
Chris Farmer, Managing Director of Finders, welcomed the permit. ?With the Pinjam Pakai signed, Finders can now fully focus its efforts on bringing the 25,000tpa Wetar copper project into production. The project is one of the lowest cost mines set for development and will produce a premium LME Grade A copper cathode. Over the coming weeks we expect to provide the market with further positive announcements regarding reserves and revised capital and operating costs estimates.?
Editing by Reiner Simanjuntak