Finders raises $20m to develop Wetar copper project

Australian firm Finders Resources said on Monday it has received firm commitments from investors for a share placement to raise gross proceeds of A$20.95 million of funds to develop its Wetar copper project, in Wetar Island, Maluku province.

Funds raised will be applied to the near term development of the Wetar copper project, capital equipment purchases, payment of environmental bonds, relocating the Whim Creek plant from Australia and completion of a revised capital estimate for the planned expansion to 23,000 ton per annum (tpa) copper cathode, the company said in statement.

?Finders is now ready to make the crucial step into production following years of study, implementation and planning. We have proven and de-risked the Wetar operation with our successful demonstration plant which has been operating for more than a year.

?On completion of the placement we will focus on expanding the demonstration plant to 7ktpa capacity of copper cathode once permitting is finalised.

?Finders is one of very few emerging copper players with real potential to become producers for Australian investors. The robust economics underpinning our Wetar project, combined with the experience of our management and the support of the local Indonesian community auger well for a healthy and profitable future for the Company.?

The company is also targeting completion of a scoping study for the gold and silver deposits at its Ojolali gold-silver project in Lampung province. (denny)