Finders Resources updates Wetar copper project
Wednesday, July 4 2007 - 06:26 AM WIB
The following is excerpt from Wetar update report of UK miner Finders Resources Ltd released on July 03.
Managing Director Chris Farmer said: “This decision represents a major milestone for the company’s development plans for Wetar and follows an extensive review of concentrate-hydrometallurgy and heap leach options for development of the Wetar copper project.”
“Results from recent test work indicate potential for overall leach recoveries approaching those by concentrate production/hydrometallurgy but with significantly lower capital and operating costs, and potentially shorter lead time to production.”
“With the confidence provided by a robust high grade copper resource base and a simplified processes route, the establishment of sizeable test heaps at the project site will enable us to minimise the technical risk associated with full commercial production“.
Ongoing Leach Testwork
Finders is conducting ongoing leach testwork on Wetar ore samples (from both the Kali Kuning and Lerokis deposits) using a variety of alternative leaching media.
Preliminary results received from a second stage of bench scale leaching tests using BioHeapTM proprietary bacterial strains on pulverized representative samples from the Kali Kuning and Lerokis deposits have yielded copper recoveries into solution of 84.4% and 80.2% respectively. These encouraging results are being followed up with 5m column tests.
Separately, an ongoing program of 1 and 2m column tests at HRL laboratories in Brisbane, using a range of leaching media, including synthetic ferric sulphate and non proprietary bacteria, has yielded recoveries up to 71% for Kali Kuning ore and demonstrated good mechanical stability and percolation for the columns.
An additional program of 2m columns has recently commenced at higher temperatures which are similar to those expected in commercial heaps using both Kali Kuning and Lerokis composite samples, and bacteria cultured from the Wetar site; the program is planned to run for 90 days.
Planning for On-site Test Heaps
Design work has commenced for on site test heaps of sufficient scale to validate the commercial production process, with construction to commence as soon as the necessary permitting is complete.
The corporate target for the Wetar project remains the completion of a full feasibility study for a 20-25,000 tpa copper cathode operation at Wetar by mid 2008 and commercial production by 2009.
The Directors’ preliminary estimates indicate a 40% reduction in both capital (~US$65M) and operating (~US$0.50c/lb) costs for a heap leach with on site SX/EW plant, compared to the previously announced Scoping Study base case involving concentrate production and off-site hydrometallurgical production of copper cathode.
Finders is the operator of the Wetar Copper (~73% and earning) and Ojolali Gold-Silver Projects (72% with option), both in Indonesia and holds an investment in Geopacific Resources NL, an ASX-listed company.
At Wetar, Finders has previously announced Measured, Indicated and Inferred Resources at a 0.5% copper cut-off grade, of 9.8 million tonnes at 2.5% copper for 248,000 tonnes contained copper in two deposits, Kali Kuning and Lerokis. (end of excerpt)