Finders reports steady progress over Wetar Copper project

By Nur Azizah

Australia-listed Finders Resources Limited reports that steady progress regarding permitting for the Wetar Copper Project has been achieved during the past few weeks.

The Spatial Planning Department of the Province of Maluku has provided a written update on the status of the new spatial plan. They have advised that one of the submissions by a sub-committee was not completed by 14th February and formal signing by the Indonesian Minister of Forestry has been rescheduled to the 29th February 2012, it said.

A number of permits have been signed by the Regent of Maluku Barat Daya, including permits for power generation (up to 20 megawatts), permission for water use and the pipeline location permit. A building permit, nuisance (noise/disturbance) permit and location permit have also been signed.

?The new spatial plan is a complex process involving nine regencies, the province, the national forestry department and an expert team representing many stakeholders. I am pleased with the final outcome, which when formally declared will allow Finders to commence development at Wetar,? Finders Managing Director Chris Farmer said.

?With credit approval from our bank consortium and a substantial number of permits in place, we are busily preparing for a restart of the demonstration plant and further expansions to 25,000 tpa copper cathode production,? he added.

Editing by Roffie Kurniawan