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Finders inks finance facility for Wetar

3rd November 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – ASX-listed copper miner Finders Resources has entered into a $165-million senior project finance facility with four banks to fund the expansion of its Wetar copper project, in Indonesia.

In May this year, the junior singed a credit approved commitment with the four banks, while also agreeing to a $45-million equity investment by trading house Daewoo International Corporation.

Finders said on Monday that the signing of the $165-million project financing met the last remaining condition under the share subscription agreement with Daewoo, which meant that the $45-million transaction could be closed this month.

“Securing funding of the project with experienced financiers such as Daewoo and our banks is a tremendous vote of confidence in the company and a testament to the strength of the Wetar project,” said Finders MD Barry Cahill.

“Now the real work begins.”

Finders started a 3 000 t/y copper production operation at Wetar at the end of March this year, and was now looking to introduce a 25 000 t/y plant at the project this month, to increase production to 28 000 t/y.

Edited by Creamer Media Reporter

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