Finders reports production jump at Wetar Island plant
Monday, August 1 2016 - 04:58 AM WIB
ASX-listed Finders Resources Ltd said that copper cathode output at its 3,000-ton per annum copper cathode solvent extraction and electrowinning (SX-EW) plant on Wetar Island, Muluku Province, in the second quarter of this year jumped by 87.52 percent to 1,067 tons from 569 tons in the first quarter.
The company said in a statement obtained Monday that sales were during the quarter ending June reached 612 tons at an average price of US$2.22/lb.
Finders is also developing a 25,000 ton per annum (tpa) copper cathode SX-EW plant as part of the expansion of its copper project on Wetar Island.
The company said in the statement the 25,000 t.p.a. copper cathode SX-EW plant successfully commissioned and ramping up to nameplate capacity.
?Construction of the 25kt neutralization plant is well advanced with commissioning to be undertaken in September 2016 quarter,? Finders said.
The company said a majority of the neutralization plant equipment has been installed and representatives of the vendors have commenced arriving on site for the dry commissioning.
Coastal construction included final work on the new explosives magazine prior to inspection for permit issuance. Construction of the warehouse/workshop area continued with completion expected in the September 2016 quarter.
Demobilization of construction personnel commenced during the quarter commensurate with the winding down of major activities on the expansion project.
Managing Director Barry Cahill commented: ?The successful commissioning of the 25,000 t.p.a. SX-EW plant is a fantastic achievement by our staff and contractors. In the short time that the new plant has been operating, copper cathode production has already increased by 90 percent from the March 2016 quarter. Our focus now turns to ramping up to nameplate capacity during the September 2016 quarter and transforming Finders into a significant ASX listed copper producer.?
Editing by Reiner Simanjuntak