SYDNEY (Yosefardi) – Finders Resources Limited is ready to commence 25kT plant construction at Wetar copper project, located in Maluku province, Indonesia, immediately post financing.
It is now seeking senior debt which is currently in final approval process. Mezzanine/equity finance for some or all of the balance is considered.
Wetar project has commenced mining with demonstration plant operated for 2,440 tons of copper cathode, a premium product.
Finders is currently commissioning the upgrade of demostration plant to 3 ktpa. Main project involves refurbishment of the former Whim Creek plant to 25,000 ktpa. Total copper cathode capacity is 28,000 ktpa.
Major Indonesian shareholders are Provident Capital (13%) and Saratoga Capital (9.2%). Other major shareholders are Taurus (14.2%), Resources Capital Fund (12.9%), and Acorn (7.5%).