Thursday, June 16, 2011

Finders receives Indonesia mining permits for Wetar copper project

Australian-listed Finders Resources Limited has been granted mining permits for the development of the Wetar Copper Project in Indonesia. The company reports that the IUP permits, issued on 9 June by the District of Maluku Barat Daya are valid for 20 years, and comprise a Mining Business Permits for Copper Mining Operations to PT Batutua Kharisma Permai and a Mining Business Permit for Copper Processing and Refining to PT Batutua Tembaga Raya.

“The Wetar Project will be the first copper project in Indonesia which produces a value‐added product, LME grade A cathode, and the IUP processing and refining is the first of its kind to be awarded under the new Mining Law,” Managing Director, Chris Farmer, said.  “We have worked closely with the relevant Indonesian authorities to progress this permitting, especially with the local government of Maluku Barat Daya. The support for the project from the local community, government administration and members of parliament provides a firm basis for the commercial development of Wetar.”

Finders will be providing further updates in the near‐term regarding the results of the Bankable Feasibility Study, the re‐zoning to excise the Project area from conversion forest classification, and the planned Project timetable. Subsidiary permits are required to utilise natural resources in the project area and commence building.

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