FINDERS RESOURCES LIMITED - Copper cathode produced for the quarter was 494 tonnes. Sales were 280 tonnes at an average price of US$2.08/lb
- Earthworks construction continues to perform in line with expectations
- Power station ready for commissioning
- First copper cathode production from 25,000 t.p.a. SX‐EW plant expected early Q2 2016
- The 12 month rolling LTIFR and Injury Severity rates remain at zero Corporate
- A further US$37.0 million drawn under the Term Loan Facility and VAT Working Capital Facility
- Hedge book (copper and diesel fuel) valued at US$44.1 million as at 31 December 2015
- At 31 December, cash on hand was AUD$34.7 million and unused project finance facilities were US$71.0 million
Managing Director Barry Cahill commented: "Construction progress on the 25,000 t.p.a expansion project during the quarter has been exceptional in light of the very tight schedule. While the expansion project remains on budget, the schedule has slipped slightly due to the delay in the delivery of structural steel which will push first production into early Q2 2016."
Contacts: Mr Gary Comb Non‐Executive Chairman
Mr Barry Cahill Managing Director Mr James Wentworth Chief Financial Officer
Phil Retter Investor Relations NWR Communications phil@nwrcommunications.com.au
T: +61 407 440 882
Perth Office: Level 1, 5 Ord Street West Perth WA 6005 T: +61 8 6555 3996 F: +61 8 6555 3998
E: info@findersresources.com
ASX Code: FND
www.findersresources.com
3,000 t.p.a. SX‐EW plant Production Report
The 3,000 t.p.a. plant operated as expected during the quarter as summarised in the following table:
Table 1: Wetar Quarterly Copper ProductionFull Year 2014 Total | June 15 Half‐Year | September 15 Quarter | December 15 Quarter | Full Year 2015 Total | ||
Ore stacked | t | 139,587 | 44,540 | 42,898 | 97,119 | 184,557 |
Grade | % Cu | 2.42 | 1.72 | 1.59 | 1.99 | 1.83 |
Metal stacked | t Cu | 3,385 | 764 | 682 | 1,935 | 3,381 |
Copper stripped | t Cu | 1,416 | 307 | 425 | 494 | 1,226 |
Copper sold | t Cu | 1,306 | 203 | 406 | 280 | 889 |
Copper sale price | US$/lb Cu | 2.88 | 2.68 | 2.38 | 2.08 | 2.35 |
Ore stacking on the Gold Pit Leach Pad (GPLP) was suspended during the quarter following the arrival of the new crushing circuit. The 3kt crusher is currently being refurbished in preparation for restarting in February 2016 when the new stacker arrives. The 3kt stacker and conveyors were moved to the KKV leach pad for use with the new crushing circuit.
Copper recoveries from the GPLP were in line with expectations. Limestone irrigation continued successfully during the quarter, further reducing the acid levels in solution. The 3kt neutralisation plant has also been returned to full operation.
Image 1 - GPLP heap, broken ore stocks and limestone heap
The new crushing circuit was commissioned during the quarter. A number of commissioning issues were encountered and modifications are being completed.
The crushing circuit has achieved its design tonnage rate but only intermittently as the 3kt stacker is not rated for 300 tonnes per hour. The new stacker does not arrive until the end of January 2016.
Image 2 - Crusher on KKV leach pad with stacked KKV Heap 1 in the background
Ore mining has advanced well ahead of the crusher commissioning, with over 90,000 tonnes of ore now stockpiled for crushing and stacking.
The crusher also processed 34,598 tonnes of sub grade material for the bedding layer on the KKV leach pad.
Copper cathode produced during the quarter has continued to be exported as LME Grade A copper cathode without any specification issues.
25,000 t.p.a. SX‐EW plant Construction Progress
Mine civil construction and related activities advanced in accordance with expectations during the December quarter.
Earthmoving progress was assisted by a late commencement to the wet season and enabled the majority of construction activities to be completed.
The dam wall for Stormwater Pond Three has now been constructed up from the bottom of the valley and the embankment fill has commenced. The remaining ponds to be constructed are the various solution ponds servicing the new 25kt plant.
Constructed solution ponds are now piped and connected so that the leach solution can be moved between the various heaps and the two SX‐EW plants.
The KKV leach pad construction continues with Cell 3 now in the process of being lined in preparation for placement of the bedding layer.
The neutralisation pad is complete and concrete construction is well advanced.
Image 3 - KKV leach pad solution draining into the 25kt solution pond
Concrete works have reduced to minor finishing items and non‐critical areas. Structural steel installation and piping has commenced and was well underway by quarter end. The majority of equipment has arrived on site and the outstanding items are either in transit to Surabaya port, clearing customs or in transit to site. There have been some delays to fabricated steel that has delayed progress.
Image 4 - 25 kt plant construction from the KKV leach pad
Finders Resources Limited issued this content on 29 January 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 01 February 2016 00:46:12 UTC
Original Document: http://findersresources.com/wp-content/uploads/2016/02/Quarterly-Activities-and-Cashflow-Report-31-December-2015.pdf
