News

June 16, 2009

Finders Resources Continues To Make Progress On The Wetar Copper Project In Indonesia

By Rob Davies

The credit crunch has made life very difficult for those companies that are still at the capital consumption stage. Finders Resources is a classic example. Last year it traded at A$ 1 a share. Now, even after a share rally from 20 cents, it is priced at 35 cents. That capitalises it at about A$20m, which these days is not bad for a junior. And there is a very good reason for the recent share price strength. Not only does Finders have a resource but it has production as well, albeit only five tonnes of copper a day from a pilot plant. Even so that proves a level of commitment these days that is far from common.

What gives Finders its underlying strength is its 92 per cent ownership of the Wetar copper property in Indonesia. This 8.9 million tonne deposit has an average grade of 2.5% copper and has the potential to produce 25,000 tonnes of copper a year from 210,000 tonnes of contained metal.  The extraction process at the pilot plant is traditional SX-EW giving LME Grade A copper.  Scaling that up to commercial production requires completion of the feasibility study and construction of the...