Finders Resources Limited (ASX Code: FND) was incorporated on 30 March 2004. It listed on the Australian Securities Exchange on 8 June 2007.
The Company is an Indonesia-focused operator with its two key projects being the Wetar Copper Project (~95% interest and earning) and the Ojolali Gold-Silver Project (72% interest with option to increase to 100%).
Finders' corporate objectives include:
- Brownsfields development of the Wetar Copper Project to 25,000 tpa copper cathode;
- An aggressive exploration program to extend mine life at Wetar;
- Developing synergies based on leaching know how and potential by-products from Wetar;
- Exposure to further exploration success at the Ojolali project; and
- Identifying new undervalued assets for acquisition.
The Wetar Copper Project has several stand-out characteristics including:
- JORC compliant mining reserves with ~200,000t of contained copper metal
- A 9.2 year mine life at high grade ~2.5% Cu and low strip ratio of less than 1.0
- Proven heap leaching process with a working industry-standard SX-EW plant
- LME Grade A copper cathode product sold at a premium to LME since February 2009
- A recently completed (June 2011) Bankable Feasibility Study which forsees:
- Total capital costs of $155m including an accuracy provision of $17m
- Operating cash costs of $1.09lb
- EBITDA for the first full year of production of +$160m
- A payback period on capital costs of less than 1 year.
- Local community is knowledgeable about mining and is strongly supportive of the project
The Ojolali Project is an advanced gold-silver prospect in Lampung Province of southern Sumatra covering a 13km2 mineralised system. Ojolali lies within the highly productive Sumatran Gold belt and comprises:
- A defined oxide gold resource of 174,000oz at Jambi, open at depth
- High grade drill intercepts at Tambang and strong surface showings of gold and silver along its length suggesting at least 1m oz gold potential
- Numerous gold showings throughout the district with potential to substantially add the resource base
Finders is led by a Board and management team with strong technical and commercial skills and significant experience in the international resources industry with a sustained track record of exploration, financing and development success.