Finders gets permitting for Wetar copper project
THE BOURSE WHISPERER: Indonesia-focused copper cathode producer Finders Resources has been granted key mining permits for the development of its Wetar Copper Project in Indonesia.
The permits have been issued by the District of Maluku Barat Daya under the new Indonesian Mining Law and are valid for 20 years.
Combined, the permits are equivalent to an Australian mining lease and comprise the following:
– Mining Business Permit for Copper Mining Operations (Izin Usaha Pertambangan, IUP),
– Awarded to PT Batutua Kharisma Permai
– Decree number 543‐124 Year 2011, dated 9th June 2011
– Mining Business Permit for Copper Processing and Refining (Izin Usaha Pertambangan, IUP)
– Awarded to PT Batutua Tembaga Raya
– Decree number 543‐125 Year 2011, dated 9th June 2011
The Processing and Refining IUP is the first of its type to be issued under the new Mining Law.
“The district of Maluku Barat Daya is one of the many new expansion areas [of Indonesia],” Drs Barnabas Orno, Regent of Maluku Barat Daya, Indonesia, said on issuing the permits.
“One of my priorities, as the first definitive Regent, is a serious commitment to investors and entrepreneurs, both nationally and internationally, and to demonstrate that Maluka Barat Daya is very conducive [for investment] and supportive of investment.
“Maluku Barat Daya hopes to optimize its competitive advantage, particularly with its location as the gateway to Indonesia from East Timor and Australia, for the prosperity of its people and Indonesia in general.
“The Wetar Copper Project has shown a significant role in job creation and new economic activities for the local community.
“My request, as the leader of Maluku Barat Daya, is that the issue of the Wetar Copper operations permits will create momentum for the business community to increase participation in local development and will be seen as an encouraging message for investors to invest in Bumi Kalwedo* and Bumi Ina Nara*.”
*both terms represent the land of Maluku Barat Daya in the local language.
Finders Resources managing director Chris Farmer said in the announcement that the permits are a major breakthrough for the development of the Project.
“The Wetar Project will be the first copper project in Indonesia which produces a value‐added product, LME grade A cathode, and the IUP processing and refining is the first of its kind to be awarded under the new Mining Law,” he said.
“We have worked closely with the relevant Indonesian authorities to progress this permitting, especially with the local government of Maluku Barat Daya.
“The support for the project from the local community, government administration and members of parliament provides a firm basis for the commercial development of Wetar.”