https://www.miningweekly.com

Finders expects lower Dec quarter copper output, higher costs

Finders expects lower Dec quarter copper output, higher costs

Photo by Reuters

17th November 2017

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – Copper miner Finders Resources reported on Friday that a delay at its Wetar copper project, in Indonesia, would see quarterly production remain below par.

The company lowered its copper cathode production for the December quarter to between 4 000 t and 5 000 t, from a previous estimate of between 5 700 t and 6 000 t, while estimated C1 cash costs have increased from between $1.15/lb and $1.25/lb to between $1.40/lb and $1.80/lb.

Finders told shareholders that as previously reported, the rehandling of old, partially leached truck dump ore and a relining of the leach pad would be progressing at the Wetar project through the December quarter, as planned.

However, the company noted that the crushing of fresh ore had recently been restricted by a premature bearing failure to the jaw crusher. While the jaw crusher was expected to be operational before the end of November, the failure had caused the supply of leached copper tonnes to be slower than previously anticipated.

Finders also said that a return to production levels seen in the June quarter of this year, which was reported at 6 804 t, was now only expected in the March quarter of next year.

For the full year ended December, the Wetar project is expected to produce between 23 000 t and 24 000 t of copper cathode, at C1 costs of between $1.15/lb and $1.25/lb.

Finders is the subject of a takeover offer from a consortium of Indonesia-listed companies, known as Eastern Field Developments, which is offering Finders shareholders 23c in cash for every Finders share held.

The consortium holds a combined 19.8% interest in Finders.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

Comments

Showroom

VEGA Controls SA (Pty) Ltd
VEGA Controls SA (Pty) Ltd

For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...

VISIT SHOWROOM 
Schauenburg SmartMine IoT
Schauenburg SmartMine IoT

SmartMine IoT has been developed with the mining industry in mind, to provides our customers with powerful business intelligence and data modelling...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.149 0.182s - 112pq - 2rq
Subscribe Now