Finders Resources Updates on Wetar Copper Project in Indonesia

Finders Resources Ltd. (LSE:FND) provided an update on its 74.1-percent-owned Wetar copper project. The company anticipates a return to regular production levels after temporary disruptions in the September and December quarters of last year.
Highlights are as follows:

• December 2017 quarter debt repayment reduces gross debt under the Project’s Senior Secured Finance Facility Agreement (Wetar Facility Agreement) to US$60.5 million
• Debt Service Reserve Account (DSRA) funding requirements under the Wetar Facility Agreement successfully renegotiated
• Initial US$9.0 million deposited into DSRA, effectively reducing net Project debt to US$51.5 million
• December 2017 quarterly provisional copper cathode production of approximately 4,100 tonnes

Barry Cahill, managing director at Finders, commented:

With the temporary production interruption which occurred in the September and December quarters now behind us, we look forward to returning to the previous production levels, continuing to pay down debt and growing shareholder value. The current strong copper price will further assist this.
The renegotiation of the DSRA funding requirements and the deposit of the initial US$9.0 million into the DSRA represents another significant step in the de-risking of the Project.
On behalf of the Independent Directors of Finders we continue to recommend that Finders shareholders reject Eastern Field Developments Limited’s opportunistic Offer by taking no action in respect of all correspondence sent to Finders’ shareholders by Eastern Field Developments Limited.

Click here to read the full Finders Resources Ltd. (LSE:FND) press release.