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.”
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