Finders Resources achieve milestones in Wetar project
Monday, January 12 2015 - 06:02 AM WIB
ASX-listed copper cathode producer Finders Resources Limited announced on Monday a number of key milestones have been achieved and progress continues in accordance with expectations in the construction of the 25,000 t.p.a. copper cathode SX-EW expansion project on Wetar Island in Maluku.
The mobilisation of a 200t crane at site has been completed and the Whim Creek plant expected arrived at site before the end of December 2014.
Managing Director Barry Cahill commented ?It is pleasing to see construction progressing well. The robust economics underpinning our project provides for a strong foundation of cash generation and strategic growth in the near-term.?
The Bankable Feasibility Study for the Wetar project showed a US$132.4 million capital cost (excluding contingency) and first quartile operating costs of 88c/lb Cu. Finders has completed construction and commissioning of the 3ktpa SX-EW plant, which is now producing copper cathode. The new 25,000 t.p.a. copper cathode plant is expected to be online at the end of 2015.
The Wetar Copper Project comprises the development, mining and processing of sulphide deposits at Kali Kuning and Lerokis located on Wetar Island, Maluku Barat Daya. The project scope includes the (current) operation of a 3,000 tons per annum (t.p.a.) copper cathode SX-EW plant and the construction of an additional 25,000 t.p.a. copper cathode SX-EW plant.
Editing by Johannes Simbolon