Finders confirms full compliance to Govt's new regulation on divestment
Thursday, March 8 2012 - 10:29 AM WIB
Australia listed firm Finders Resources Limited advised that its current corporate structure for the Wetar Copper project complies with the new divestment requirements for mining companies in Indonesia and does not expect to be required to undertake any further divestment under the new regulation during the life of the Wetar Copper Project.
The company refers to recently announced regulation from the Government of Indonesia regarding local ownership of mining projects. Finders is the operator of the Wetar Copper Project (95% interest), and the Ojolali Gold-Silver Project (72% with option), both located in Indonesia. The Wetar Copper Project comprises two high grade deposits, Kali Kuning and Lerokis, which are located within 3 km from the coast and suitable for open pit mining.
The development of Wetar Copper project comprises the brown fields expansion of the existing demonstration plant to 7.000 tpa capacity followed by incorporation of the Whim Creek plant to lift production to 25.000 tpa.
Editing by David Mustakim