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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.