Finders reports soaring copper cathode output on Wetar Island

By Romel S. Gurky

ASX-listed Finders Resources Ltd said on Monday that copper cathode production from its copper cathode solvent extraction and electrowinning (SX-EW) plants on Wetar Island, Muluku Province, in the third quarter ending September of this year jumped by 273.66 percent to 3,987 tons from 1,067 tons in the second quarter.

The company said in a statement that sales in the quarter soared by 322.71 percent to 2,587 tons from 612 tons.

Finders operates a 3,000 ton-per-annum (t.p.a.) SX-EW plant and recently started production at the second 25,000 t.p.a SX-EW plan on Wetar Island.

The company said the 3,000 t.p.a. plant operated in line with expectations during the quarter, while the 25,000 t.p.a. plant continued to ramp up copper cathode production following the successful commissioning in the June quarter.

?The 25,000 t.p.a. SX-EW plant continued to ramp up to nameplate capacity,? it said in the statement. Minor ramp up issues were encountered and rectified with steady state nameplate production expected during the December quarter. Nameplate was achieved in October and the focus is now on maintaining steady state.

Managing Director Barry Cahill commented: ?This landmark quarter not only saw the successful ramp up of the new 25,000 t.p.a. SX-EW plant but also a significant reduction in our debt position following the close out of our copper hedge book. The December quarter should see us achieving a steady state production rate of 28,000 t.p.a. copper cathode at which time there will be more visibility on actual financial metrics including production costs, thus completing the transformation of Finders to a significant and profitable copper cathode producer.?

Editing by Reiner Simanjuntak