Name and Location
Wetar copper project, Indonesia.

Client
Finders Resources.

Project Description
The Wetar project comprises the development, mining and processing of sulphide copper deposits at Kali Kuning and Lerokis, located on Wetar Island, in Indonesia.

Mining will be carried out using conventional openpit methods, initially at Kali Kuning and, from Year 3, also at Lerokis, with ore hauled from the openpits to the Kali Kuning run-of-mine pad.

Preliminary work on Finders’ revised bankable feasibility study (BFS) on the Wetar Island project is indicating significant reductions in the forecast capital requirement and faster delivery of project cash flows.

The revised design incorporates a new single-stage 25 000 t/y capacity solvent extraction electrowinning (SX/EW) plant, based on an extension of the existing Finders-owned 16 000 t/y ex-Whim Creek plant. The single-stage design reduces construction costs and time, compared with the previous two-stage plant design.

Value
The revised preliminary capital estimate is $133-million, before contingency. Initial capital costs for Stage 1 (the expanded demonstration plant) and Stage 2 (the main plant) were $155-million.

Key drivers in the reduction of capital, in addition to changing to a single-stage 25 000 t/y SX/EW plant, include design changes to the heap-leach pad earthworks programme and leap-leach stacking sequence, more detailed civil earthworks design, redesigned geotechnical pit and civil structures, as well as modifications to the Kali Kuning pit mining sequence and schedule.

Duration
The aforementioned changes have also enabled a shorter construction period of 15 months instead of 24 months.

Latest Developments
Finders expects to produce the revised BFS this month, following more detailed engineering and design work for the processing and crushing plant, civil works and openpit. Finders has operated a 1 825 t/y copper demonstration plant on site that incorporates heap leaching and SX/EW in its flowsheet.

The demonstration plant restart has been approved by the Finders board and a letter of intent has been negotiated with the mining contractor. Mobilisation was expected in September.

Initial work will focus on clearing the existing heaps and mining and stacking 140 000 t of ore, as well as on minor upgrades of the existing plant to 3 000 t/y. The upgraded demonstration plant and the new SX/EW plant will increase capacity to 28 000 t/y.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Not stated.

Contact Details for Project Information
Finders Resources, tel +61 2 8084 1812, fax +61 2 8068 2540 or email info@findersresources.com.