Finders Resources’ subsidiary PT Batutua Tembang Raya has awarded a contract to GR Engineering for the provision of engineering, procurement and construction management (EPCM) for the Wetar Copper Project expansion on Wetar Island.
The contract involves the provision of EPCM services for the process engineering design, procurement and construction management of a 25,000 tonnes/annum processing plant and associated infrastructure for the expansion project.
GR Engineering will commence work immediately with the services expected to be completed early in the second half of 2015. Commissioning of the expanded plant is expected by the end of 2015. The value of the contract is approximately US$8.8 million.
GR Engineering’s managing director Geoff Jones says, “The award of this EPCM contract demonstrates the continued success of GR Engineering’s strategy to diversify its service offering and expand its geographic reach. GR looks forward to working with Finders to deliver positive outcomes in all areas of the project’s delivery.”
Founded in Perth, Western Australia in 2006, GR Engineering has successfully grown through the completion of design and construction projects for a diverse range of clients, including global mining houses, mid-tier miners and junior developers undertaking their first project.
GR directly employs about 170 professional and support staff at its offices in Perth and Brisbane in addition to its direct construction workforce and sub-contractors. It also has a presence in the energy sector via its wholly-owned subsidiary Upstream Production Solutions.
Meanwhile, Finders has also announced the closing of a financing arrangement by Daewoo International Corporation. Daewoo has provided equity and loans of US$45 million in exchange for an interest of 24.1% in PT Batutua Tembang Raya which holds Finders’ interest in the Wetar project.
The funding from Daewoo will satisfy the minimum equity raising requirement under the senior project finance facility announced on November 3.