FINDERS Resources’ subsidiary PT Batutua Tembang Raya has awarded a contract to Perth-based GR Engineering for provision of engineering, procurement and construction management (EPCM) for the Wetar Copper Project expansion. The contract involves provision of EPCM services for a 25,000 tonnes/annum processing plant and associated infrastructure for the expansion project.
GR Engineering expects to complete the work 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 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 undertakes feasibility studies and consulting engagements on projects globally. These studies play a key role in delivering organic growth opportunities through their conversion into design and construction projects. GR directly employs about 170 professional and support staff at 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.
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 will satisfy the minimum equity raising requirement under the senior project finance facility announced on November 3.
The Wetar project is on the north central coast of Wetar Island and is part of Maluku Barat Daya Regency, Maluku Province. Wetar Island is a remote island which supports a total population of around 9000. It can be accessed by boat from a number of ports including Alor, Kisar and Atapupu and by LCT (landing craft). The closest villages to the project, Lurang and Uhak, have a population of around 900 people in total.
The total measured, indicated and inferred resource for the Kali Kuning and Lerokis deposits is 9.2 million tonnes @ 2.4% copper for 216,000 tonnes of contained copper.