Finders Resources, the AIM & ASX listed mineral development company with copper and precious metal projects in Indonesia, released a confident statement from the Chairman given at their AGM today.
In the statement, the Chairman confirmed that the Wetar 5 tonne per day demonstration plant was now expected to reach full capacity by early December.
Finders has been hit by delivery delays to some key components of the pilot plant, but reminded investors that it believed an ongoing feasibility study of the project would confirm it as “extremely robust economically, and will remain so at copper prices significantly below current levels”.
“The combination of high copper grade, open pit mining with very low stripping ratios, low cost heap leach processing with good predicted recoveries, and the non acid consuming of the Wetar ore will result
in a highly competitive cost structure compared to other new copper producers,” the Chairman stated.
The feasibility study is due for completion at year end.
Finders recently raised an additional A$5 million at 60 cents per share, and noted that Resource Capital Fund, a respected resource investment fund, had participated, investing A$2 million.
Also on the funding subject, the Chairman stated that Finders was currently in discussions with four groups about funding a full scale copper mining operation.
Meanwhile, at the Ojolali gold-silver project, Finders stated that exploration activities have “slowed down” to conserve cash, but that it was still committed to the project and would resume drilling once cash flow is established at Wetar.