Finders suffers wall failure at copper project

Finders Resources has revealed that a wall at the Kali Kuning open pit within the Wetar copper project in Indonesia collapsed on Monday.

Around 300,000 bank cubic metres (BCM) of waste rock from the north-eastern highwall slipped yesterday, leading to a 12-hour suspension of operations while an assessment was carried out.

Finders released a statement today explaining the company was looking into remediation options and that removal of the waste would result in a likely short-term impact on mine production.

The company did not say if anyone had been hurt as a result of the wall failure.

ASX-listed Finders Resources’ majority shareholder is Indonesian copper consortium, Eastern Field Developments, which is comprised of three companies – Provident, Saratoga and Merdeka.

The company was formed last year for the purpose of taking over Finders Resources, and managed to gain over 50 per cent of its shares in March 2018.

The Wetar copper project is on Wetar Island in Indonesia and focuses on mining and processing of copper sulphide from two open pits, Kali Kuning and Lerokis.

Finders released its half-year results for 2018 last month, citing poor performance. Year-on-year (YoY) net income was 79 per cent down to $8.6 million while cathode sales saw a YoY drop of 40 per cent to 8708 tonnes.

The company said it would provide updates on the status of the wall failure “over the coming weeks”.

To keep up to date with Australian Mining, subscribe to our free email newsletters delivered straight to your inbox. Click here.