https://www.miningweekly.com

Finders ticks the last box for Wetar financing

Finders ticks the last box for Wetar financing

Photo by Bloomberg

21st May 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – Copper miner Finders Resources on Thursday reported that the company had completed the final milestone for the $165-million senior project finance facility, allowing first draw-down to proceed.

Finders told shareholders that the company’s Indonesian subsidiary had completed a mandatory hedging programme under the finance facility, and had forward-sold 40 700 t of copper cathode over a period from July 2016 to March 2019.

The forward-sold copper cathode represented around 26% of the estimated life-of-mine production from the Wetar copper project, in Indonesia, and was secured at an average price of $5 940/t after costs.

Finders in November last year entered into the $165-million senior project finance facility with four banks to fund the expansion of its Wetar copper project. Finders started a 3 000 t/y copper production operation at Wetar at the end of March last year, and was looking to introduce a 25 000 t/y copper cathode solvent extraction electrowinning (SX-EW) plant at the project, to increase production to 28 000 t/y.

The implementation of the hedging programme was the final condition precedent to the draw-down of the bank facility, and first draw-down was now expected later this month.

Meanwhile, construction of the SX-EW plant had started, the concrete footings had been poured and some infrastructure set in place in preparation for refurbishments.

Edited by Creamer Media Reporter

Comments

Showroom

Universal Storage Systems (SA)
Universal Storage Systems (SA)

South African leader in Steel -Racking, -Shelving, and -Mezzanine flooring. Universal has innovated an approach which encompasses conceptualising,...

VISIT SHOWROOM 
Yale Lifting Solutions
Yale Lifting Solutions

Yale Lifting Solutions is a leading supplier of lifting and material handling equipment in Southern Africa. Yale offers a wide range of quality...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

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:0.095 0.129s - 88pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: