Microsoft Word - 20160601 FND First Copper Final
For ASX Market Release: 01 June 2016
Wetar Expansion Project Update First Copper Plated
Finders Resources Limited (ASX:FND) is pleased to announce that first copper has been plated at the recently commissioned 25,000 tonne per annum (t.p.a.) copper cathode solvent extraction electrowinning (SX-EW) plant (Figure 1).
Commissioning of the expansion project continues with staff now focusing on ramping up production and adding to copper cathode output from the already operating 3,000 t.p.a. SX-EW plant. Further progress updates on the production ramp up will be provided in coming weeks.
Contacts: Mr Gary Comb
Non-Executive Chairman
Mr Barry Cahill Managing Director Mr James Wentworth Chief Financial Officer
Phil Retter Investor Relations NWR Communications
[email protected]
T: +61 407 440 882
Perth Office: Level 1, 5 Ord Street West Perth WA 6005 T: +61 8 6555 3996
F: +61 8 6555 3998
E: [email protected]
ASX Code: FND
www.findersresources.com
Figure 1: Wetar staff with the first copper plated from the 25,000 t.p.a. SX-EW plant.
Managing Director Barry Cahill commented: "In what has been a very tight construction schedule, it is very pleasing to be able to announce the plating of first copper at the 25,000
t.p.a. SX-EW plant. It has been a testing period and is a credit to the efforts of all those involved. I would particularly like to thank the project team comprising many staff, consultants and contractors for their efforts in achieving this significant milestone at the Wetar Copper Project."
Background Information on Finders
Finders is the operator of the Wetar Copper Project (72% interest) and the Ojolali Gold-Silver Project (72% interest) both located in Indonesia.
The Wetar Copper Project comprises the development, open pit mining and processing of the high-grade sulphide deposits at Kali Kuning and Lerokis located within 3 kilometres of the coast on Wetar Island. The project benefits from having existing infrastructure in place, particularly a wharf, camp and roads and partially pre-stripped copper ore bodies from a prior gold mining era.
Finders currently operates a 3,000 tonne per annum ("t.p.a") copper cathode solvent extraction-electrowinning ("SX- EW") plant. To date, the plant has produced 6,000 tonnes of LME Grade A copper cathode, all of which was sold at a premium to the LME price and without specification issues.
The current commissioning of a 25,000 t.p.a SX-EW facility will lift annual production capacity to 28,000 t.p.a. The Bankable Feasibility Study for the expansion project estimated a US$132.4M capital cost (excl. contingency) and a cash operating costs of US88c/lb Cu at an efficient production level.
Finders has successfully arranged a US$162 million senior facility and an additional US$45 million project level equity facility to fund the expansion project.
Opportunities for extending the mine life are strongly founded on exploration upside, focussing initially on the nearby satellite Meron deposit and other identified VMS copper and gold targets on Wetar Island including Karkopang.
Disclaimer
This announcement may or may not contain certain "forward-looking statements". All statements, other than statements of historical fact, which address activities, events or developments that Finders believes, expects or anticipates will or may occur in the future, are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "targeting", "expect", and "intend" and statements that an event or result "may", "will", "can", "should", "could", or "might" occur or be achieved and other similar expressions. These forward-looking statements, including those with respect to permitting and development timetables, mineral grades, metallurgical recoveries, potential production reflect the current internal projections, expectations or beliefs of Finders based on information currently available to Finders. Statements in this document that are forward-looking and involve numerous risks and uncertainties that could cause actual results to differ materially from expected results are based on the Company's current beliefs and assumptions regarding a large number of factors affecting its business. Actual results may differ materially from expected results. There can be no assurance that (i) the Company has correctly measured or identified all of the factors affecting its business or the extent of their likely impact, (ii) the publicly available information with respect to these factors on which the Company's analysis is based is complete or accurate, (iii) the Company's analysis is correct or (iv) the Company's strategy, which is based in part on this analysis, will be successful. Finders expressly disclaims any obligation to update or revise any such forward-looking statements.
No Representation, Warranty or Liability
Whilst it is provided in good faith, no representation or warranty is made by Finders or any of its advisers, agents or employees as to the accuracy, completeness, currency or reasonableness of the information in this announcement or provided in connection with it, including the accuracy or attainability of any Forward Looking Statements set out in this announcement. Finders does not accept any responsibility to inform you of any matter arising or coming to Finders' notice after the date of this announcement which may affect any matter referred to in this announcement. Any liability of Finders, its advisers, agents and employees to you or to any other person or entity arising out of this announcement including pursuant to common law, the Corporations Act 2001 and the Trade Practices Act 1974 or any other applicable law is, to the maximum extent permitted by law, expressly disclaimed and excluded.
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