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Additional information
Additional Information
Market: AIM, ASX
Sector: General Mining
Epic: FND
News: Latest news
Web Site: Finders Resources
Other Articles: 29-01-201023-12-200904-12-2009

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Saturday March 13, 08:47Premium risk at Prudential

Insurance giant Prudential has stolen the headlines this week, after their decision to buy AIA, the Asian life business of US insurer AIG, has attracted a mixed response from shareholders.

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Friday March 12, 07:58Lithium and rare earths markets poised for growth

Right now, the world relies almost completely on China for its rare-earth supply. The Chinese have made it clear that they want to keep more supply for themselves as they try to be the world leader in green technology

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Friday March 12, 07:51White Energy enters coal deal with China Guodian Group

White Energy Company (ASX: WEC; OTCQX: WECFY) has inked a non-binding heads of agreement with state owned Guodian Inner Mongolian Energy Sources Co Limited to develop a coal upgrading [...]

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Finders Resources

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.

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Wednesday, December 23, 2009

Finders Resources acquires Whim Creek SX-EW plant for Wetar copper project in A$5 million all-share deal

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Finders Resources (AIM: FND) exercised its option to acquire the Whim Creek SX-EW (solvent extraction and electrowinning) plant from a subsidiary of Straits Resources Ltd for A$5 million in shares, giving Straits a 10.06% interest in the company.

To complete the transaction, Finders issued 12.7 million shares to Straits at 39.38 cents per share, representing a roughly 8% premium to yesterday’s closing price of 36 cents, and has paid the A$0.25 million option fee to Straits by the issue of a further 0.7 million shares at 34.5 cents per share.

The Whim Creek plant has a producing capacity of 18,000 tonnes of copper cathode per annum and is suited to Finders’ needs at its Wetar copper project in Indonesia, where a recently completed definitive feasibility study incorporated use of the plant.

The plant will be relocated to Wetar Island in about three months following the commencement of its dismantling in January 2010.

“Acquisition of the Whim Creek SX-EW plant represents a major advance towards development of the full scale Wetar copper project, by providing certainty of both supply and timing for key components for the development, as well as significant cost savings compared to the purchase of new equipment. We also appreciate the confidence in the project shown by Straits Resources in their willingness to accept Finders shares in full payment for the transaction,” said Chairman of Finders Resources Russell Fountain.

The combined resource estimate for Kali Kuning and Lerokis deposits at the project stands at 8.18 Mt (million tonnes) at 2.5% copper, or 205,000 tonnes of contained copper, of which +98% is classified as JORC Measured and Indicated categories.

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