Description
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.
Share Price
In-depth Finders Resources Proactive Investors Articles
- 01/06/2009 Finders Resources to acquire copper cathode plant, adds to project certainty
- 20/03/2009 Finders Resources boosts upside with A$5.6m placement for Wetar Copper Project
- 12/03/2009 Finders Resources – Indonesia’s first heap leach copper cathode producer
- 09/03/2009 Finders Resources ships first copper cathode from Wetar Copper Project in Indonesia
- 16/01/2009 Finders Resources secures convertible loans from Resource Capital and directors
Recent Finders Resources news
- 10/03/2010 Finders Resources changes year-end date to 31 December
- 29/01/2010 Finders Resources ticks off "positive" Wetar Copper Project DFS
- 23/12/2009 Finders Resources acquires Whim Creek SX-EW plant for Wetar copper project in A$5 million all-share deal
- 04/12/2009 Finders Resources to commence diamond drill testing on high grade gold vein targets at Ojolali
- 24/11/2009 Finders Resources ticks off achievements at AGM
Related Media
Presentations & Company Media
27/01/2009 GreenLeader Equities Research Note (Presentation)
01/09/2008 Finders' Excellence in Mining Sept 08 (Presentation)
Related Research & Media
No Documents available.
Current Operations:
Wetar Project

The Wetar copper resource is contained in 2 separate massive sulphide deposits, Kali Kuning and Lerokis. The resource base has been independently estimated by Hellman & Schofield Pty Ltd and reported according to the JORC Code and Guidelines.
The combined resource estimate for Kali Kuning and Lerokis, at a 0.5% copper cutoff, of 9 Mt at 2.4% copper, or 218,000 tonnes of contained copper, of which +98% is classified as JORC Measured and Indicated categories. It is expected that almost all of the Measured and Indicated Resources will be converted into Ore Reserves upon the completion of further mine planning and feasibility work.
Based on the new drilling the Kali Kuning massive sulphide resource has been re-classified into three metallurgical sub-types, Leached, Transition zone material and Primary massive sulphide, (Table 2). The Leached and Transition types reflect incipient in-situ leaching of the massive sulphide unit by natural groundwater. The Transition zone material, although of lower copper grade than the main Primary massive sulphide, (1.5% Cu vs 2.9%Cu) contains a higher proportion of readily leachable copper minerals which translates to significantly faster leach rates for this material, as described below. The Transition zone occurs at the highest levels of the deposit and will comprise a major proportion of early mined mineralization for the expanded Wetar copper project.
Ojolali Project
The Ojolali Project comprises 5921 hectares of Exploration KP concessions in Lampung Province in Sumatra. Finders holds a 71.7% interest in the project through its subsidiary, Way Kanan Resources, in partnership with Great Northern Resources (GNR, 22.8%), and PT Batatua Kharisma Permai (BKP, 5.5%). Finders has an option to purchase 100% of the project on completion of a Feasibility Study.
Finders controls the entire Ojolali mineral district which comprises over 20 named prospects within approximately 6,000 ha of gently rolling countryside within the Sumatran gold belt in Indonesia.
Finders acquired the property in 2005 and has since carried out an extensive exploration programme with the two-fold aim of on establishing an initial mining resource at the Jambi oxide gold prospect, and also defining the potential of the remaining area for additional discoveries.
The Ojolali Project is located in the Lampung Province of southern Sumatra approximately 120 kilometres to the northwest of the provincial capital, Bandar Lampung and 300 kilometres from Indonesia’s capital, Jakarta.
Management
Dr Russell Fountain: BSc, PhD, FAIG – Non Executive Chairman
Dr Fountain has 36 years of successful international experience in all aspects of mineral exploration, project feasibility and development of mining projects. Previous senior positions include President, Phelps Dodge Exploration Corporation; Exploration Manager, Nord Pacific Ltd and Chief Geologist, CSR Minerals. Russell has had global responsibility for corporate exploration programs with portfolios targeting copper, gold, nickel and mineral sands and has been accessing and managing mining opportunities for a significant portion of his career.
Dr Chris Farmer: BSc(Hons), MBA, PhD – Managing Director
Dr Farmer has 15 years of international experience in all aspects of exploration, with an emphasis on international joint ventures and business development. After graduating from the University of Southampton, he completed a PhD at the Royal School of Mines in London. Previous positions include Vice-President Australasia and Chief Geologist, Phelps Dodge Exploration Corporation; and Senior Geologist with both Highlands Gold (Indonesia) Pty Ltd and Billiton Indonesia BV. Dr Farmer worked at the Lebong Tandai and Wetar gold mines in Indonesia, focusing on mine exploration. Elsewhere in the region, he has worked on gold, copper and base metal exploration projects in the Philippines, China, India and Australia and has evaluated projects in PNG, Laos, Korea, Malaysia, Thailand, Mexico, USA, Eastern Europe, South America, Fiji, Solomon Islands, New Caledonia and Canada.
Mr Robert Thomson – Executive Director, Development
Rob Thomson holds a B.E (Mining) from the University of Queensland, an MBA from University of Wollongong, and is a Fellow of the AusIMM. He holds open cut mine managers certificates for NSW, WA and Queensland and has 30+ years of Australian and international mining experience.
Career achievements include development of 7 greenfield projects involving resource targeting and acquisition, exploration, feasibility, environmental and social licensing and compliance, government relations and approvals, financing, construction and operations. Developments have been in coal, copper Heap Leach/SXEW, nickel sulphides, copper/gold porphyry and leachable gold. The last 10 years and four mines have been spent working in Asia, as: - Project Manager Feasibility then GM Development for delivery through to commercial operations of Kingsgate's (ASX) Chatree Gold Mine in Thailand; Project Director for Oxiana's (ASX) Sepon Gold Mine delivery in Laos PDR; CEO (2003-6) of Philippine focussed, Climax Mining Ltd (formerly ASX listed) which in this four year period included the revitalisation of the Company and commencement of construction of the long-delayed Didipio project leading to a A$250m takeover by Oceana Gold (ASX). He is a founding director (2004) and until recently CEO (2006-8) of Vietnam focussed Asian Mineral Resources (TSX.V) with the Ban Phuc underground nickel/copper sulphide project.
Mr Michael Stirzaker: B Com, CA – Finance Director
Mr Stirzaker is a Chartered Accountant with more than 25 years of commercial experience, most of which have been in the mining finance and mining investment sector.
He began his career with KPMG in Sydney, qualifying as a Chartered Accountant in 1986. He then joined the Corporate Advisory Division of Wardley James Capel (part of the HSBC Group) and in 1990 moved to London, spending three years in Corporate Advisory with Kleinwort Benson Ltd. Mike joined RFC on his return to Sydney in 1993 and co-led the management buyout of RFC in 2001. He has experience in a broad range of mining corporate finance and investment activity, including mergers and acquisitions, divestments and capital raisings. Mike was co-managing director of RFC and managing director of RFC's investment funds until 2007 when he joined Tennant Metals.
Mr Steve Lonergan: LLB, LLM – Non-Executive Director
Mr Lonergan specialises in corporate and commercial law as a private practitioner. He is currently General Counsel and Company Secretary of CBH Resources Ltd and Director and Company Secretary of Paradigm Gold Ltd and has held similar positions with Savage Resources and Pancontinental Mining. Stephen has also been a Partner for Baker & McKenzie and worked for the International Air Transport Association, the Department of Defence and Department of Foreign Affairs. He has been involved in acquisitions and exploration arrangements in Canada, USA, Peru, Australia, South Asia and Africa.
Mr Stephen de Belle: BA, MSc, MTCP, MAICD – Non-Executive Director
Mr de Belle is a non-executive director of Midwest Corporation Ltd (ASX:MIS) and Principal, Kyle Associates. Previous roles include: Managing Director, Midwest; Chairman, Australian Superannuation Nominees Ltd (a specialist DIY super trustee company), Director of Xylogy Pty Ltd, Head of Resources Finance, ABN AMRO Australia; Director, Structured Finance, Barclays Bank and positions with BZW Australia, ANZ Capital Markets, ANZ McCaughan, Capel Court and CSR Minerals. Stephen has been closely involved with the start-up and operation of iron ore, coal, base metals, gold and petroleum projects and companies, particularly the development and financing of projects in the resources and infrastructure sectors both in Australia and overseas.
Mr Thomas Quinn Roussel – Non-Executive Director
Mr Roussel is a Principal with Resource Capital Funds ("RCF"). Prior to joining RCF in 2006, he worked in the capacity of corporate development for Asian American Coal, Inc ("AACI"), one of RCF's portfolio companies in China. During this time AACI developed the first foreign owned underground coal mine in China. Prior to AACI, he worked as an engineer in both the mining and oil & gas industries. He holds MBA degrees from the University of South Carolina and Wirtschafts Universitat-Wien as well as a Bachelor of Science degree in Mining Engineering from the Colorado School of Mines.
Mr Ian Morgan B Bus, CA, ACIS, MAICD, ASIA – Company Secretary
Ian Morgan is a Chartered Accountant and Chartered Company Secretary with initial experience working for a major international accounting firm. Subsequent experience includes six years with the Republic Group merchant bank and its listed and unlisted public company affiliates as Financial Controller and Company Secretary; two years with Green's Foods Limited as Group Financial Controller; and five years as Financial Accountant for Akzo Australia, the Australian subsidiary of the Dutch chemical and pharmaceutical company.
Executive Management
Mr Grant Harding – Operations Manager – Fellow AusIMM
Mr Harding is a qualified extractive metallurgist with over 25 years experience in the mining industry. He has extensive operational, engineering and project management experience in Australia and internationally in Indonesia, Myanmar, Ghana, Tanzania, and the Philippines. He held senior technical positions during the development, commissioning and production phases at Aurora Gold's Mt Muro Gold Project in Kalimantan and at Newcrest Mining's Gosowong Gold Project both in Indonesia. Grant was involved in the successful commissioning of Ivanhoe Copper's Monywa Copper Heap Leach Project in Myanmar in 1998 and more recently as project manager at Avocet's Bakan heap leach project in Indonesia.
Mr Chin Haw Lim, Chief Financial Officer
BCom, CA
Mr Lim qualified as a Chartered Accountant in 1984 and has been involved in the mining industry since that time. His mining and Indonesian experience included 8 years with Straits Resources Limited which operated the Girilambone copper mine (heap leach SX-EW) in New South Wales and the Sebuku coal mine in Indonesia and 5 years with Triako Resources Limited. He was also the company secretary of those companies.
Mr Geoffrey Hiller, Project Manager, Development
BE (Mining) Hons (Melbourne University, BE (Civil) Hons (Sydney University, MBA (AGSM)
Mr Hiller has over 20 years of commercial experience, first in engineering consulting and then in investment banking. In the latter role he specialised in the mining finance and mining investment sectors, including funds management, mergers and acquisitions and capital raisings.
Major Shareholders
Top 20 Shareholders (Updated 12 June 2009)
|
Rank |
Name |
Units |
% of Units |
|
1 |
RESOURCE CAPITAL FUND IV L P |
9,054,778 |
7.8% |
|
2 |
ACORN CAPITAL LTD |
9,000,000 |
7.8% |
|
3 |
LUJETA PTY LTD |
8,517,854 |
7.4% |
|
4 |
EXSOLUTIONS PTY LTD* |
7,444,671 |
6.4% |
|
5 |
DR CHRISTOPHER BEN FARMER |
5,965,695 |
5.2% |
|
6 |
MR IAN DAVID NEUSS* |
5,709,043 |
4.9% |
|
7 |
TENNANT METALS PTY LIMITED* |
5,437,561 |
4.7% |
|
8 |
LYNCHWOOD NOMINEES |
4,455,000 |
3.9% |
|
9 |
MR STEPHEN DE BELLE* |
4,418,800 |
3.8% |
|
10 |
LOMACOTT PTY LTD |
2,737,500 |
2.4% |
|
11 |
DARLEY PTY LIMITED |
2,000,000 |
1.7% |
|
12 |
MICHAEL STRIZAKER** |
1,679,470 |
1.5% |
|
13 |
UBS NOMINEES PTY LTD |
1,445,766 |
1.3% |
|
14 |
FORTIS CLEARING NOMINEES P/L |
1,400,000 |
1.2% |
|
15 |
CITICORP NOMINEES PTY LIMITED |
1,175,000 |
1.0% |
|
16 |
J P MORGAN NOMINEES AUSTRALIA LIMITED |
1,175,000 |
1.0% |
|
17 |
MR HENRY WIECHECKI |
1,050,000 |
0.9% |
|
18 |
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED-GSCO ECA |
1,000,000 |
0.9% |
|
19 |
MERRILL LYNCH (AUSTRALIA) NOMINEES PTY LIMITED |
1,000,000 |
0.9% |
|
20 |
TREECITY PTY LTD |
1,000,000 |
0.9% |
|
75,666,138 |
65.5% |
||
|
TOTAL SHARES ON ISSUE |
115,548,673 |
||
|
* and related parties |
|||
|
** also has indirect interest in 2,338,388 shares held by Tennant Metals |
Contact Information
Suite 51, Level 3
330 Wattle Street
Ultimo NSW 2007
AUSTRALIA
Tel +61 (0)2 9211 8299
Fax +61 (0)2 9212 0200
Email info@findersresources.com
Website www.findersresources.com
Corporate Information
Corporate Adviser and Nominated Adviser (for the AIM Market of the London Stock Exchange)
RFC Corporate Finance Limited
Level 14
19-31 Pitt Street
Sydney NSW 2000
Australia
Level 8, QV1 Building
250 St Georges Terrace
Perth WA 6000
Australia
Broker
JMFinn Capital Markets Limited
4 Coleman Street
London EC2R 5TA
United Kingdom
Financial PR
College Hill
78 Cannon Street
London EC4N 6HH
Share Register
In Australia:
Computershare Limited
60 Carrington Street
Sydney NSW 2000
Australia
In the UK:
Computershare Investor Services Plc
The Pavilions
Bridgwater Road,
Bristol BS99 7NH
United Kingdom
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