Finders strips first copper at Wetar new plant

By Ruli Setiawan

ASX-listed Finders Resources Limited announced Tuesday that first copper has been stripped at the recently commissioned 25,000 tons per annum (t.p.a.) copper cathode solvent extraction electrowinning (SX-EW) plant in Maluku Province.

The company said in a statement that copper cathode stripping commenced late last week from the 25,000 t.p.a. SX-EW plant, and proceeded steadily as the newly trained operators gained experience. Over 70 tons of copper cathode has been successfully stripped from the new plant, with approximately 110 tons of cathode stripped in three days inclusive of production from the 3,000 t.p.a. SX-EW plant.

Managing Director Barry Cahill commented: ?It is very satisfying to be able to strip the first product from the new plant for sale into the copper cathode market. Our team has been working very hard at transitioning the newly constructed and commissioned plant to an operational status. It is a credit to all involved at the project that we are able to strip over 100 ton of copper cathode in such a short time.?

Commissioning of the expansion project continues with staff now focussing on increasing copper cathode production. Further updates on progress on the production ramp up will be provided in the coming weeks, Finders said.

Finders is the operator of the Wetar Copper Project (72% interest) and the Ojolali Gold-Silver Project (72% interest) both located in Indonesia.

The Wetar Copper Project comprises the development, open pit mining and processing of the high-grade sulphide deposits at Kali Kuning and Lerokis located within 3 kilometers of the coast on Wetar Island. The project benefits from having existing infrastructure in place, particularly a wharf, camp and roads and partially pre-stripped copper ore bodies from a prior gold mining era.

Finders currently operates a 3,000 t.p.a copper cathode solvent extraction-electrowinning (SX- EW) plant. To date, the plant has produced over 6,000 tons of LME Grade A copper cathode, all of which was sold at a premium to the LME price and without specification issues.

The current commissioning of a 25,000 t.p.a SX-EW facility will lift annual production capacity to 28,000 t.p.a. The Bankable Feasibility Study for the expansion project estimated a US$132.4M capital cost (excl. contingency) and a cash operating costs of US88c/lb Cu at an efficient production level.

Finders has successfully arranged a US$162 million senior facility and an additional US$45 million project level equity facility to fund the expansion project.

?Opportunities for extending the mine life are strongly founded on exploration upside, focussing initially on the nearby satellite Meron deposit and other identified VMS copper and gold targets on Wetar Island including Karkopang,? Finders ended.

Editing by Reiner Simanjuntak