Finders: Mining, earthworks at Wetar project are well advanced

By Romel S. Gurky

ASX-listed copper cathode producer Finders Resources Limited provided Tuesday the following update on progress for the 25,000 tons per annum copper cathode SX-EW expansion project at its 72 percent-owned Wetar Copper Project on Wetar Island in eastern Indonesia.

The company said in a statement that mining and earthmoving progress has continued to expectations with over 80,000 tons of ore stacked on the first cell of the Gold Pit Leach Pad. It is expected that the rate of stacking will increase once the new crusher arrives on site and is commissioned during September.

Earthmoving on the infrastructure associated with the 25kt SX-EW plant continues to progress with Stormwater Pond Three advancing to the floor of the underdrainage, the company explained. Once the underdrainage is installed, the dam walls will be shaped and compacted to allow installation of the liner.

The first cell of the KKV Heap Leach Pad, which is the largest pad adjacent to the 25kt SX-EW plant site, is being prepared for lining and will be ready for stacking by the new crusher as scheduled.

Good progress has also been made on Stormwater Pond Two with the fleet commencing to cut the final floor level, and the pond is expected to be ready for lining in October. The pad for the 25kt Neutralisation Plant has been completed and is currently being prepared for foundation work.

Construction continues on the 25 kt SX-EW plant with the civils contractor pouring concrete to establish the foundations for the plant. Tank refurbishment has been completed on a number of the major tanks and they are ready for placement once the concrete pads are completed. Refurbishment of the EW cells continue.

Construction is well advanced on the coastal facilities to support the increase in personnel and material movements required during the intensive construction phase in the final quarter of 2015.

Completed facilities to date include the concrete batching plant, emergency airstrip, medical clinic and emergency centre, laundry facility, 188 person construction camp, kitchen and mess facility, various staff quarters and offices.

Temporary stores, warehousing and maintenance facilities have been established in advance of the construction of the new site infrastructure. Construction is continuing on the staff facilities and refurbishment of the offices.

Procurement has accelerated with a major portion of the required equipment and materials now the subject of firm contracts and purchase orders. Remaining items are in the process of final negotiations with the preferred vendors and procurement is expected to be finalized in coming weeks. Secured long lead items are due for delivery within the required project timeline.

Major construction contracts have been awarded or are in preferred tenderer status with negotiations nearing completion. The contractors for civils, steel, mechanical and piping, electrical and instrumentation and power supply have all commenced work either on site or are preparing to mobilize personnel and materials.

All the project management team are now in place and operating from site on Wetar Island. The two personnel boats are continuing to operate between site and Kupang and have sufficient capacity for the construction phase. The use of the two boats means that there is always one boat on site for emergency purposes if required. Freight inwards such as equipment, materials and diesel and outwards such as empty containers and copper cathode continues to be transported via LCT with no issues.

Managing Director Barry Cahill commented: ?With most of the major construction contracts awarded and long lead items secured for the expansion project, Finders is now rapidly advancing into an intensive construction phase. Pleasingly, our progress on the project remains on budget and on track for production in Q1 2016.?

Editing by Reiner Simanjuntak