Finders Resources achieved record production of copper cathode during the June quarter at its Wetar Copper Project on Wetar Island in Indonesia. There were 6804 tonnes of copper stripped, up from 6125 tonnes in the previous quarter.
Copper sales of 7419 tonnes during the quarter was also a record, up from 7153 in the previous quarter and the average realised price in both quarters was US$2.60 per pound.
The C1 cash cost during the June quarter was US$1.02 per pound and the AISC was US$1.33 per pound while EBITDA was US$22.5 million.
The unsold finished product inventory at June 30 was 1729 tonnes of copper cathode with a value of US$10.3 million.
Finders said in its quarterly report that consistent mining and processing rates were maintained throughout the quarter. Both the 3000 tonnes/annum SX-EW and 25,000 tonnes SX-EW plants and the neutralisation plant continued to operate as expected.
The 25,000 tonne plant is now operating consistently above nameplate while ongoing enhancement programs to the design and operation of the plant to improve consistency will continue throughout the remainder of the year.
Ore and waste mining continued at Kali Kuning with ore mined as required to meet crusher feed requirements. Tonnes and grades mined from the open pit continued to be in line with those estimated by the ore reserve.
The mining schedule has now progressed through the higher, northern part of the pit and grades will continue to improve as mining proceeds into the massive sulphide zone of the ore body.
The company had reduced total project debt to US$73.6 million at July 7 from the initial US$162 million facility and project completion under the bank facility was achieved in July.
Managing director Barry Cahill said, “The June result consolidated what has been a transformational half for Finders as it moves from an exploration and development company to a significant copper producer with robust financial and production metrics.
“Finders is now a standout value proposition amongst its ASX-listed copper peers.
“Our focus now turns to extending the mine lift beyond the current 7 years with drilling under way testing for extensions to the Lerokis ore reserve.”