FINDERS RESOURCES LIMITED For ASX Market Release: 1 June 2015
First Drawdown under Bank Facility
Finders Resources Limited ("Finders"; ASX code: FND) is pleased to announce that its Indonesian subsidiary PT Batutua Tembaga Raya ("BTR") has received first drawdown under the US$165 million senior secured project finance facility. A total of US$19 million was drawn under the Term Loan Facility and VAT Facility. The drawdown follows the successful completion of the hedging programme announced on 21 May 2015.
The funding will be applied towards the construction of the 25,000 tpa copper cathode SX-EW plant on Wetar Island in Indonesia. BTR expects to make monthly drawdowns on the loan between now and completion of construction.
Barry Cahill, Managing Director of Finders Resources, welcomed the news. "We are very pleased to receive the first drawdown of the finance facility. The receipt of these funds is the final confirmatory step in the financing process of the Wetar Copper Project. Management's sole focus is now the construction of the 25,000 tpa copper cathode SX-EW plant."
About Finders
Finders is an emerging low cost copper cathode producer, 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.
Currently the focus lies with the fully permitted Wetar Copper Project where mining and subsequent production of premium (99.99%) copper cathode has commenced. This project has a high-grade, open-pit reserve of 8.9Mt @ 2.4% Cu with a 1:1 strip ratio.
The Company has a currently operating plant capable of producing 3,000 tpa copper cathode through sulphide heap leach SX-EW. This plant has validated the economics of the Wetar Copper Project as detailed in the revised BFS which includes projected cash costs of $US0.88 a pound copper at efficient production levels ($US1.05/lb life of mine). The Company is currently constructing an additional 25,000 tpa SX-EW copper cathode plant via the refurbishment and re-assembly of the former Whim Creek plant and the building of associated leach pads and infrastructure.
For further information please visit findersresources.com
Contacts: Mr Gary Comb
Non-Executive Chairman Mr Barry Cahill Managing Director
Mr James Wentworth
Chief Financial Officer
Phil Retter
Investor Relations NWR Communications phil@nwrcommunications.com.auT: +61 407 440 882
Sydney Office:
Suite 901, Level 9
60 Pitt Street
Sydney NSW 2000
T: +61 2 8084 1812
F: +61 2 8068 2540
E: info@findersresources.comASX Code: FND www.findersresources.com
Barry Cahill
Managing Director
Tel: +61 (0)8 6555 3996
bjc@findersresources.com
Phil Retter
NWR Communications
+61 (0)407 440 882
phil@nwrcommunications.com.au
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