Wetar Copper Project granted in-principle forest permit

By Puspita Maylana Devi

ASX-listed Finders Resources Limited said that Forestry Ministry has granted the in-principle permit "Izin Prinsip? to its Wetar Copper Project that would allow the company to use forest land for its copper production operations and supporting facilities.

It said that Izin Prinsip sets out the following main conditions prior to award of the ?Pinjam Pakai? such as completion of final boundary surveys and calculation of the payable tree inventory by members of the Forestry Department and completing payments for tree compensation and land use resulting from the survey.

Managing Director Chris Farmer said that ?The new year has seen a number of significant achievements which have added renewed momentum to our plans to develop the Wetar Copper Project. In January, shareholders approved the introduction of Provident Capital Partners to our register. In February, strong interest from a number of banks allowed Finders to select CBA to strengthen the bank consortium.

"The issue of the Izin Prinsip is a watershed moment in the process to obtain the final forestry permit. On this basis, Finders is ramping up its preparations to recommence production at the demonstration plant and commence construction of the staged 25,000tpa copper cathode project,? he said.

Editing by Adianto P. Simamora