SYDNEY (Yosefardi) – Copper producer Finders Resources Limited and its wholly-owned Indonesian subsidiary PT Batutua Tembaga Raya (BTR) have entered into a US$165 million senior project finance facility agreement with BNP Paribas, Commonwealth Bank of Australia, Hong Kong and Shanghai Banking Corporation (HSBC) and Societe Generale.
Finders was advised on the facilities by Optimum Capital.
The signing of the $165m project finance meets the last remaining condition precedent under Finders’ Share Subscription Agreement with Daewoo International Corporation. Closing of the Daewoo investment has been scheduled for November 7.
Under the Share Subscription Agreement, Daewoo will provide equity and loans of US$45 million and will receive an interest of 24.1% in BTR
Finders is an emerging low cost copper cathode producer, developing a high-grade 28,000tpa copper mine on Wetar Island in Indonesia, plus a highly prospective, advanced gold-silver exploration project in Sumatra.