Release: Finders' first shipment of copper cathode from Maluku project
Tuesday, March 10 2009 - 01:57 AM WIB
This shipment represents the first production of high quality cathode copper using heap leach and SX-EW technology within Indonesia. Significantly, the Wetar Copper Project is in full accord with the push for increased levels of in-country processing required by the new Indonesian mining law.
The five tonne per day cathode demonstration plant has operated continuously since February 15 and for the past two weeks has been exceeding design capacity by 16%.
Chris Farmer, Finders? Indonesian based Managing Director, commented: ?Progress at the demonstration plant strongly vindicates our faith in the technical robustness of the Wetar copper project.
As the first producer of value added copper metal in Indonesia, both the project and programs in place which assist local community development, are strongly supported locally. On Friday March 6th 2009, with our local partner PT Batutua Kharisma Permai, commemorative plaques of the first cathode were presented to the Governor of Maluku and Regent of Maluku Barat Daya.
The cash flow from production from the demonstration plant will provide a solid operating base for the company as we proceed towards developing the expanded 20,000 tpa copper mining and processing facility at Wetar.?
Background on Finders Resources
Finders Resources, Listed on AIM and ASX, is the operator of the Wetar Copper in Maluku (92% and earning), and Ojolali Gold-Silver Projects (72% with option) in Jambi.
At the Wetar project, as part of a definitive feasibility study, a demonstration SX-EW plant with 5t per day copper cathode capacity is being installed and is permitted to process 100,000t of ore from the kali kuning deposit. The company is targeting commercial production of 20-25,000 tonnes per year cathode by early 2010, subject to accelerated schedules for engineering design work and project funding. (end of edited release)