Finders nails down $45m for Wetar expansion
PERTH (miningweekly.com) – Copper miner Finders Resources has secured some $45-million in funding from Daewoo International Corporation to fund the expansion of the Wetar copper project, in Indonesia.
Under the terms of the funding agreement, Daewoo would subscribe for shares in, and provide loans to, Finders’ Indonesian subsidiary PT Batutua Tembaga Raya (BTR), acquiring a 24.1% interest in the subsidiary.
As a shareholder in BTR, Daewoo would be entitled to appoint two representatives to the subsidiary’s board and one representative to its board of commissioners.
The agreement also included an offtake agreement in relation to 20% of the cathode produced from the Wetar project.
On closing of the offer, Finders would have secured offtake partners for 100% of the cathode production from Wetar.
The closing of the subscription agreement and the funding agreement would be subject to certain conditions, including approval by the Indonesia Investment Authority, BTR entering into a satisfactory design and construct contract in relation to the expansion project, and the execution of a senior facility agreement.
The remaining conditions for the agreement would likely be met during this quarter, Finders told its shareholders.
Finders shipped its first copper cathode from Wetar Island in May this year, with some 102.5 t of copper cathode shipped. The company was looking to expand the project from its current capacity of 3 000 t/y of copper cathode to 28 000 t/y, with the expanded plant expected to be commissioned by the first half of 2015.
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