SYDNEY (Yosefardi) – ASX-listed copper producer Finders Resources Limited has shipped its first cathode from its 3,000 tpa copper cathode solvent extraction and electrowinning plant (3Kt Sx-EW plant).
A total of 102.5 tons has left Wetar for Surabaya via Kupang. The 3Kt Sx-EW plant is operating at its nameplate capacity of 8 tpd.
The shipment is expected to arrive in Surabaya by the end of May and is expected to be sold shortly thereafter. As a refined product, the export of cathode is not affected by recently announced regulations on Indonesian ore exports.
Finders is developing a high grade 28,000 tpa copper mine on Wetar Island in Indonesia, plus a highly prospective, advanced gold-silver exploration project in Sumatra.
The company has finalised the two key components of the funding for the expansion of its Wetar Copper Project.
Leading international trading house, Daewoo International Corporation will provide US$45 million in project level equity. BNP Pribas, Commonwealth Bank of Australia, Hong Kong and Shanghai Banking Corporation (HSBC) and Societe Generale (the senor lenders) have signed a credit approved commitment letter for US$165 million of senior loan facilities.