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Finders reports strong H1 on Wetar production

20th September 2017

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Copper miner Finders Resources reported a net profit after tax of A$41.7-million for the six months ended June 30, as its Wetar copper project, in Indonesia, continued to perform well.

The company reported a net loss after tax of A$22.2-million in the previous corresponding period.

Underlying earnings before interest, taxes, depreciation and amortisation during the half-year were reported at A$57.5-million, while operating cash flows reached A$30.2-million.

“The June 2017 half-year results consolidate what has been a transformational period for Finders, and have confirmed the company as a significant copper producer amongst its ASX-listed copper peers with robust financial and production metrics,” said Finders MD Barry Cahill.

During the interim period, 12 929 t of copper cathodes was produced and 14 572 t of copper cathode were sold, after the copper cathode solvent extraction and electrowinning (SX-EW) plant was commissioned in May last year.

The project reached its nameplate capacity of 25 000 t/y by the December quarter of 2016.

Finders reported that the SX-EW plant was operating consistently above the nameplate capacity as a result of ongoing optimisation work, sustaining a production rate of around 27 000 t/y during the June quarter.

Performance at the 3 000 t/y SX-EW plant also improved during the quarter, and the trend was expected to continue as refurbishment works were completed during the second half of 2017.

“Finders’ focus now turns to debt reduction and extending the mine life beyond the current seven years, with drilling under way testing for extensions to the Lerokis ore reserve, and before commencing at the Meron massive sulphide deposit, which immediately adjoins the Kali Kuning mine site,” Cahill said.

Edited by Creamer Media Reporter

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