Finders starts the hunt for financing
PERTH (miningweekly.com) – ASX-listed Finders Mines is hunting for financing following the completion of a revised bankable feasibility study (BFS) for its Wetar copper project, in Indonesia.
The company previously revealed that the revised BFS had resulted in a A$34-million decrease on capital spend expectations, reducing capital costs to around A$133-million.
The revised design incorporated a new solvent extraction electrowinning plant, which is a single-stage 25 000 t/y plant based on an extension of the existing 16 000 t/y ex-Whim Creek plant.
The single-stage design reduced the construction cost and time compared with the previous two-stage plant design.
Finders said on Wednesday that at full production, Wetar would deliver some 28 000 t/y of copper cathode, with full capacity expected to be reached within 15 months of the start of on-site construction.
Full production was currently earmarked for the third quarter of 2015.
Life-of-mine copper production was estimated at 155 000 t, over a planned 10.5-year production period.
“The Wetar copper project is a first quartile operating cost project driven by the high-grade and low openpit strip ratio,” said MD Barry Cahill.
He added that the revised project cost left Finders well placed as one of the few ASX-listed copper companies moving into production.
The project was expected to have a net present value of A$195-million, at a copper price of A$6 000/t and an internal rate of return of 52%.
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