Australian miner Finders Resources Ltd has shipped the first copper from its Wetar project in Indonesia to Australia, saying the material was of a very good quality.
The company said on Tuesday that 61 tonnes of copper cathode was shipped to a refinery in the Australian state of Queensland, and assay reports showed that the cathodes had exceeded London Metal Exchange A-grade copper cathode specifications.
"The key for any project is to produce a saleable product and assays confirm that our cathode quality is very good," said Finders Chief Executive Chris Farmer in a statement.
Finders is targeting 20,000-25,000 tonnes of copper production a year, but as a first step built a semi-commercial scale demonstration plant which is ramping up to 150 tonnes of copper cathode output per month.
It owns 85 percent of the project, with the remainder held by Indonesia's PT Batutua Kharisma Permai.
Finders plans to complete a feasibility study for a full-sized plant next month and expects to have the plant in production a year later.
Source: Reuters
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