Finders ticks the last box for Wetar financing
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.
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