The first copper plating cathode has been produced at Finder Resources Wetar Copper Project. Copper plating began on early February by electrowinning circuit at Wetar Copper demonstration plant.
Minor electrical failure in electrowinning circuit has been remedied and the plant resumed plating production a week later. The plating was expected produce 5 tonnes per day of copper cathode by the end February. All other operations including mine, crushing, stacking, irrigation and solvent extraction are operating in line with design specification.
Wetar Copper Project was acquired by Finder Resourcec (85% shares) in corporation with PT.Batutua Kharisma Permai (BKP). The Wetar deposit was discovered by CSR Ltd and then sold to Billiton Indonesia (BMI) in 1988, then BMI carried out extensive drilling to define two gold-silver mineralization in two deposit, Kali Kuning and Lerokis. BMI also discovered copper mineralization underlying in both deposit and smaller satellite deposit at Meron, 2km from Kali Kuning.
Based on previous drilling data, Kali Kuning and Lerokis have independently estimated Measured, Indicated and Inferred Mineral Resources of 9.8 million tonnes, grading 2.5% Cu and 0.7 g/t Au, using a 0.5% Cu cut-off grade. Gold-silver-barite ores were mined by BMI from shallow open pits at Lerokis and Kali Kuning over the period 1990-1997.
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