Finders receives first drawdown under bank facility
Monday, June 1 2015 - 01:02 AM WIB
ASX-listed Finders Resources Limited announced Monday that its Indonesian subsidiary PT Batutua Tembaga Raya (BTR) has received first drawdown under the US$165 million senior secured project finance facility.
The company said in a statement that a total of $19 million was drawn under the Term Loan Facility and VAT Facility. The drawdown follows the successful completion of the hedging program announced on May21, 2015.
The funding will be applied towards the construction of the 25,000 tons per annum copper cathode SX-EW plant on Wetar Island in Maluku Province, Indonesia. BTR expects to make monthly drawdowns on the loan between now and completion of construction.
Barry Cahill, Managing Director of Finders Resources, said: ?We are very pleased to receive the first drawdown of the finance facility. The receipt of these funds is the final confirmatory step in the financing process of the Wetar Copper Project. Management?s sole focus is now the construction of the 25,000 tpa copper cathode SX-EW plant.?
Editing by Reiner Simanjuntak