SYDNEY (Yosefardi) – Copper producer Finders Resources Limited has sold its first cathode from 3,000tpa copper cathoda solvent extraction and electrowinning part (3Kt SX-EW plant) at the Wetar Copper Project in Indonesia.
A total of 100 tons has been sold at a premium to the London Metals Exchange (LME) Grade A Cathode pricing. Assays confirmed that the shipment was well within LME Grade A Specifications. Premiums are expected to increase as Wetar cathode proves itself in the market.
As the cathode is fully processed, there are no restrictions on export and the shipment departed Surabaya on June 18, which will net approximately $690,000 when the sale is completed.
Finders is currently completing the documentation of the funding for the expansion of the Wetar plant to 28,000tpa cathode capacity by 2015. The upgrade is expected to take 15 months to construct and has a 12-month payback period.