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Navigator advises Finders Resources on US$138 million Wetar Copper Project

Finders Resources recently announced the appointment of Barclays Capital, Credit Suisse AG and Standard Bank Plc (“Mandated Lead Arrangers”) to raise US$138 million in order to fund the commercial development of the Wetar Copper Project in Indonesia.

Navigator is proud to be Finders Resources’ advisor in relation to these bank facilities.

After being appointed as Finders Resources’ independent advisor for the Wetar Copper Project, Navigator has assisted Finders’ through the project finance process, during the bankable feasibility stage and with appointing the Mandated Lead Arrangers.

This role included the identification of some of the potential financiers, the preparation of key commercial documents and the financial model needed for the assessment of competitive expressions of interest from selected banks.

“I am honoured Finders Resources’ chose us as their advisor for the Wetar Copper Project. It has been a pleasure working with the team at Finders and we look forward to assisting them through to financial close. The project is truly top tier and we wish Finders all the best with the project”. Nick Crawley, Managing Director, Navigator

Navigator is currently working on several resources projects including gold, copper, natural gas, tungsten and solar across Australia, Africa, Indonesia, Vietnam and Europe. Due to our extensive experience and highly specialised project finance advisory team Navigator is well positioned to offer advisory services across a diverse set of industry sectors.

‘We selected Navigator as our advisors due to their knowledge of the Project Finance industry and the resources sector. Their consultative approach and support has been invaluable throughout the course of this project and we look forward to continuing our relationship”. James Wentworth, Finance Director, Finders Resources

About the Wetar Copper project

The US$138 million project finance for the Wetar Copper Project includes:

  • Term loan facility of US$103m to fund construction
  • Cost overrun facility of US$20m available in the event of unforeseen increases in project costs
  • Working capital facility of US$15m available to fund certain short-term tax obligations

Finders Resources recently completed Bankable Feasibility Study, confirms the robust economic viability of the Wetar copper project and estimates a net present value of US$304 million.
Read the full press release, Finders to raise US$138 million project finance for Wetar Copper Project.

About Finders Resources

Finders Resources 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 3km from the coast and suitable for open pit mining. Since February 2009, Finders has successfully operated a 5 tonne per day SX‐EW demonstration plant to test copper sulphide leach kinetics, optimise process design and provide data required for project finance.

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