Finders Resources Gets $210 Million to Expand Wetar Copper Project, Indonesia

Mining Weekly reported that Finders Resources (LSE:FND) has secured funding to expand its Wetar copper project in Indonesia. Finders has entered an agreement for a $45 million equity investment with Daewoo International Corporation, and has signed a credit approved commitment letter for $165 million with four banks. The agreement with Daewoo would also feature an offtake agreement for the uptake of increased Wetar production.

As quoted in the publication:

Under the terms of the senior loan agreements, Finders would secure $130-million as a term loan facility, $20-million as a cost overrun facility and $15-million as a value added tax working capital facility.

Under the Daewoo transaction, the trading house would acquire between 24% and 27% of Finders’ Indonesian subsidiary PT Batutua Tembaga Raya. Daewoo’s final ownership percentage would be determined following the clarification of certain Indonesian taxation, royalty and regulatory issues.

Click here to read the full Mining Weekly article.