Finders Resources Limited (ASX/AIM Code: FND) was incorporated on 30 March 2004. It listed on the London Stock Exchange's AIM market on 22 March 2006 and on the Australian Securities Exchange on 8 June 2007.
The Company is an Indonesia-focussed operator with its two key projects being the Wetar Copper Project (~94% interest and earning) and the Ojolali Gold-Silver Project (72% interest with option to increase to 100%).
Finders' corporate objectives include:
- Obtaining project finance and permitting for the full scale Wetar Copper Project;
- Expanding the brownfields Wetar Copper Project to 23,000 tonnes per annum copper cathode production;
- Expanding the resource base and initiate feasibility studies at the Ojolali gold-silver project;
- Exposure to further exploration success at Wetar and Ojolali; and
- Identifying new undervalued assets for low cost acquisition.
At the Wetar Copper Project, a definitive feasibility study of the project has confirmed that the project is technically feasible and economically robust. As part of the definitive feasibility study, a demonstration solvent extraction-electrowinning (SX-EW) plant with 5 tonne per day copper cathode capacity was commissioned in February 2009. The demonstration plant produces LME Grade A copper cathode. The Company is targeting expansion of the project from the current production capacity of 1,800 tonnes of copper cathode per annum to 7,000 tonnes per annum initially, followed by expansion to 23,000 tonnes per annum.
At the Ojolali Gold-Silver Project, Finders controls what it considers to be a major new epithermal gold district, and has been undertaking an extensive exploration program comprising detailed drilling to establish an initial mining resource, supported by extensive surface geophysical and geochemical surveys. The Company believes that the Ojolali project has strong potential to generate cash flow through open pit CIL/CIP development of the gold resource at the Jambi oxide gold deposit.
Finders is led by a Board and management team with strong technical and commercial skills and significant experience in the international resources industry with exploration and development expertise across a wide range of metals, minerals and rock types. The founders of the Company remain closely associated - Dr Russell Fountain as Chairman and Dr Christopher Farmer as Managing Director.