www.findersresources.com
Finders is an emerging low cost copper cathode producer, developing a high grade 25,000 tpa copper mine on Wetar Island in Indonesia, plus a highly prospective, advanced gold-silver exploration project in Sumatra.
Finders Resources copper production up in Q1, Wetar demo plant exceeds nameplate capacity
Finders Resources (AIM, ASX: FND) called its performance during the first quarter “exceptional”, with the Wetar copper project in Indonesia benefiting from strong operating results and the planned staged expansion to 23,000 tpa (tonnes per annum) copper cathode remaining on track.
The group plans to complete the detailed engineering for the 7,000 tonnes per year Stage 1 expansion of the project in June 2010. Stage 2 detailed design based on relocating the Whim Creek SX-EW plant from Australia to Indonesia have commenced and are scheduled to complete in Q4 2010.
The 5t-a-day solvent-extraction and electrowinning (SX-EW) demonstration plant exceeded its nameplate capacity with 453 tonnes of Grade A cathode produced in the period with 361t sold. As the efficiency of the operations increased, the quality of copper cathode increased with impurity levels for all elements totalling 6 ppm (parts per million).
Other developments included the approval of an environmental impact study and environmental management & monitoring plans. In Q4 2009, 254t of copper was produced and 240t sold.
The dismantling of the Whim Creek plant has been completed on time. The containerised equipment is currently awaiting transport to Indonesia. Detailed engineering for the exanded demonstration plant are nearing completion. The company is currently in talks with a number of potential financiers to secure the necessary funds for development.
Diamond drill testing of Way Neki and Jambi northern extensions at the Ojolali gold-silver project is now complete and has returned sporadic high grades at Way Neki and wide low grade intercepts at Jambi.
Other developments included the sale of the company’s entire stake in Geopacific Resources for A$826,000.
The Wetar Copper Project comprises two high grade deposits, Kali Kuning and Lerokis, located within 3 km from the coast and suitable for open pit mining.
Earlier this month, the company said that the Environmental Impact Assessment (known as AMDAL in Indonesia) relating to Wetar has been approved by the Governor of Maluku. Approval has been received for several key documents which cover the entire mine life of the Wetar Copper Project and include the: Environmental Impact Analysis (AMDAL), containing definition of the environmental baseline; Environmental Management Plan (RKL), together with mine closure objectives; and Environmental Monitoring Plan (RPL).
Finders reported a cash balance of A$5.3 million compared to A$7.6 million at the end of the previous quarter. Receipts from product sales and related debtors amounted to A$2.8 million.
