International company Metal developer Finders Resources has appointed three banks to help set up $ 138 million for copper project in Indonesia, Wetar, MD Chris Farmer, Thursday.
He added that the three providers of financial services who is appointed after extensive selection process, and proven partner for mining projects around the world, particularly in Indonesia.
"The caliber of the bank in support of this project is a reflection of the mandate of the voice of Wetar economy."
The facility will be subject to credit approval, due diligence, completion of the documentation project finance and other typical prerequisites.
Copper project Wetar consists of two high grade deposits are suitable for the openpit mining. The project is expected to generate some 150 000 t of copper during the life of nine years.
Barclays Capital, Credit Suisse AG and Standard Bank has been assigned to manage the facilities-the term loan of $ 103-million, the facility cost $ 20-an excess of a million, and $ 15-million capital works.
"After a successful stage demonstrations that led to a positive bankable feasibility study, the Finders are on the verge of realizing our goals for commercial production. The designation is based on the momentum gained recently granting mining and processing, and release of the bankable feasibility study in June, "said Farmer.
These funds will support project development plan, based on a feasibility study of Wetar bankable just finished, which confirmed the viability of a strong economy, and an estimated project value is now clean of $ 304 million.
Metals developer Finders Resources $138m for Indonesian copper project
