Finders Resources
Finders Resources' operations include development of the wetar copper project, exploration for copper and gold in Indonesia and investment in resource-based companies. The Company has 93.97% interest in wetar copper project, Indonesia. The Company’s interests in the wetar project and the ojolali project are held through its subsidiaries, Banda Minerals Pty Ltd and Way Kanan Resources Pty Ltd. The Company operates in two geographical locations, being Australia and Indonesia. Its minerals business is based in Indonesia where it is developing a copper project on the island of Wetar and conducting mineral exploration on Wetar Island and Sumatra.
FinnCap issues upbeat note on Finders Resources after Wetar copper project update
Broker FinnCap issued a note following Finders Resources PLC’s (AIM: FND) update on the feasibility study for the company’s Wetar copper project in Indonesia, saying it expects the project execution risk to materially diminish going forward.
Finders Resources said it is making“ excellent progress” with the study, and that it is on schedule for review in August 2009.
“We expect H2 2009 to bring a series of announcements which will materially reduce project execution risk and increase the market’s value towards our 0.75x NPV valuation of 69p per share,” the broker said.
The large number of independent consultants being used by the company should provide comfort to the market that due process is being followed.
The update increases FinnCap’s confidence that the demo plant will produce 680 tonnes of refined copper for fiscal 2009 resulting in US$3m of revenue. But the real upside lies with the main project which it expects, assuming financing is secured, to produce 6,000 tonnes of copper in 2010 followed by 20,000 tonnes in 2011, it said.
“We think the current market value of Finders, at 2.4x 2010 earnings based on a copper price of $2/lb, significantly overplays project execution risk,” FinnCap added.
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Other Finders Resources articles
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29/01/10 Finders Resources ticks off 'positive' Wetar Copper Project DFS
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09/03/09 Finders Resources – Indonesia’s first heap leach copper cathode producer
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22/12/08 Finders Resources anticipates first copper production in January
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22/02/08 Finders Resources is Another quality arrival from Australia
Other Finders Resources news
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10/03/10 Finders Resources changes year-end date to 31 December
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29/01/10 Finders Resources ticks off 'positive' Wetar Copper Project DFS
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23/12/09 Finders Resources acquires Whim Creek SX-EW plant for Wetar copper project in A$5 million all-share deal
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04/12/09 Finders Resources to commence diamond drill testing on high grade gold vein targets at Ojolali
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24/11/09 Finders Resources pleased with progress at Wetar Copper Project
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12/11/09 Finders Resources prepares for 'economically robust' Wetar copper project in Indonesia
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30/10/09 Finders Resources plans 6,500 meters of drilling at Ojolali Gold-Silver Property
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06/10/09 Resource Capital Fund increases interest in Finders Resources to 10.5%
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25/09/09 Finders repays US$5 mln Meridian Intl Capital loan
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25/09/09 Finders Resources director acquires more Finders shares