Finders Resources
Finders Resources is an emerging copper producer through its Wetar copper project in eastern Indonesia (73% and earning), and has additional growth potential through its Ojolali gold-silver project in South Sumatra (72% with option). 2008 will see the first copper production at Wetar from a 5tpd cathode demonstration plant and a definitive feasibility study targeting copper cathode production of 20-25,000 tones per year. Finders has budgeted for up to 10,000m of drilling to expand on the gold and silver inferred resources (1 million Oz eq.) at the Ojolali Project. Finders has a highly accomplished management team, extensive Indonesian operating experience, and a strong focus on growth through development of quality mining projects.
Finders Resources expects Wetar Copper Project start-up in September
Finders Resources (AIM: FND), the Philippines based mineral explorer and developer with copper and gold projects, announced that its Wetar Copper Project pilot plant would not start up operations until the late September compared to an original forecast of early August.
The later start-up is due to the delay of several key components required for the project. Despite the delay, Finders said it was still confident of completing a feasibility study for Wetar by December 2008. The feasibility study is looking at the viability of a 20-25,000 tonnes per annum copper cathode operation at the Wetar Copper Project. As part of the feasibility, Finders is building a semi-commercial scale demonstration plant capable of producing 5 tonnes per day of copper cathode.
The estimated capital cost of the demonstration plant has also risen from US$6.25 million to $7.2 million, largely due to increased fuel costs, additional ship charters and the 2 month delay in start-up.
Managing Director, Chris Farmer said:
"The delay in production from our demonstration plant, which has largely resulted from supplier issues beyond our control, while disappointing, should not significantly affect the overall schedule to full scale production. The Wetar copper project with its high grade, simple mining and low projected capital costs remains very well positioned to become a highly competitive low cost producer and to benefit from continuing high copper prices."
Other Finders Resources articles
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22/12/08 Finders Resources anticipates first copper production in January
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23/05/08 Copper: Long term fundamental demand
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22/02/08 Finders Resources: all eyes on Wetar Pilot Plant
Other Finders Resources news
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15/10/08 Finders Resources directors pick up more shares
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01/10/08 Finders Resources secures seasoned mining veteran as General Manager
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04/09/08 Finders Resources to raise up to A$5 million
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02/06/08 Finders Resources increases Jambi resource by 33%
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07/04/08 Finders Resources says Jambi could host more gold
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11/03/08 Jambi may offer Finders Resources short term cash flow
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05/03/08 Finders Resources Chairman ups stake
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04/03/08 Finders Resources executive chairman ups stake
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25/02/08 Finders Resources gets good numbers from Ojolali
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21/01/08 Finders Resources still on track
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