Finders Resources to press ahead with staged expansion of Wetar copper project
12 November 2009
Finders Resources, the junior miner behind the Wetar copper project in Indonesia, is set to press ahead with expanding the project after a definitive feasibility study concluded that it was an economically robust project with a mine life of approximately nine years.
The latest survey has estimated the life of mine operating costs to be US$1.00/lb of copper and that the project has a total funding requirement of up to US$118 million.
Finders is now pressing ahead with ordering long lead time equipment to fast track the next stage of the project, which will involve constructing an expanded copper cathode demonstration plant. That will take the current 1,800 tons per annum (tpa) plant to 5,000 tpa, followed by final expansion to 23,000 tpa.
It is continuing to look at mining schedules, waste and ore movement, and mining indirect costs relating to stage two expansion, with the expectation of being able to reduce the funding requirement.
The third stage will involve the development of the Lerokis pit and haulage of Lerokis ore to the Kali Kuning plant to maintain copper cathode production at 23,000 tpa.
Finders insisted that it could see no reason for not securing the necessary government permits and has already signed land compensation and community development agreements.
Chris Farmer, the company’s managing director, said: “The staged expansion route chosen for the Wetar project provides a minimum development risk approach, and also greatly increases the company's options to secure favourable financing terms for the full scale project while retaining the maximum value for shareholders.”
|
Relevant Companies
For more company information click below:
Headlines
31 August 2010
30 August 2010
27 August 2010
20 August 2010
18 August 2010
13 August 2010
09 August 2010
06 August 2010
30 July 2010
29 July 2010
28 July 2010
27 July 2010
26 July 2010
23 July 2010
23 July 2010
22 July 2010
21 July 2010
19 July 2010
16 July 2010
12 July 2010
09 July 2010
08 July 2010
07 July 2010
06 July 2010
05 July 2010
02 July 2010
06 May 2010
13 April 2010
24 March 2010
23 March 2010
23 March 2010
23 March 2010
23 March 2010
23 March 2010
23 March 2010
23 March 2010
23 March 2010
22 March 2010
22 March 2010
22 March 2010
22 March 2010
22 March 2010
22 March 2010
22 March 2010
22 March 2010
22 March 2010
22 March 2010
22 March 2010
19 March 2010
19 March 2010
» See all News
Features
31 August 2010
28 July 2010
23 July 2010
13 April 2010
24 March 2010
22 March 2010
19 March 2010
19 March 2010
18 March 2010
16 March 2010
15 March 2010
12 March 2010
11 March 2010
08 March 2010
05 March 2010
05 March 2010
» See all Features
Round-Ups
27 August 2010
20 August 2010
13 August 2010
06 August 2010
30 July 2010
23 July 2010
16 July 2010
09 July 2010
02 July 2010
19 March 2010
19 March 2010
12 March 2010
12 March 2010
05 March 2010
05 March 2010
28 February 2010
Popular
31 August 2010
28 July 2010
27 August 2010
30 August 2010
04 December 2009
30 July 2010
18 August 2010
26 July 2010
01 February 2010
29 July 2010
07 July 2010
19 July 2010
25 November 2009
26 January 2010
08 July 2010
20 August 2010
|