Finders Resources’ Indonesian operating company has received its final forestry permit (Pinjam Pakai) allowing development at its 95%-owned Wetar Copper Project to begin followed by production. The permit expires in December 2031.
The forestry permit is the final permit required to complete project financing and commence project development. In preparation for development, Finders intends to:
- Restart its demonstration plant in order to generate early cash flow; and
- Complete the revision of capital and operating cost estimates for a refreshed feasibility study required to update bank credit approvals.
Finders’ managing director Chris Farmer welcomed the permit. “Finders can now fully focus its efforts bringing the Wetar project into production. Wetar is one of the lowest-cost mines set for development and will produce a premium LME Grade A copper cathode.”
The project comprises two high-grade deposits, Kali Kuning and Lerokis, each 3km from the coast and suitable for open pit mining. The project will benefit from existing infrastructure – particularly a wharf, camp and roads and partially‐stripped copper ore bodies from a prior gold mining era.
Between February 2009 and December 2010, Finders successfully operated a 5 tonne/day Solvent Extraction/Electro Winning (SX/EW) demonstration plant testing copper sulphide leach kinetics, while optimizing process designs and generate project finance data. Wetar produced and sold about 2500 tonnes of LME Grade A copper cathode, all sold at a premium to the LME price and without specification issues.
The test heaped parallel heights of commercial operations worldwide with SX/EW technology as industry standard. SX/EW technology is responsible for 22% of global copper production. The Wetar development comprises restarting the current demonstration plant followed by incorporating the Whim Creek plant to lift annual production to 25,000 tonnes.
Finders also has the Ojolali Gold‐Silver Project, 72% with option, in Indonesia.