Finders Resources turns the corner with $41.7m profit

Finders Resources has confirmed its status as a significant copper producer after delivering a half-year profit of $41.7 million profit, up from a $22.3 million loss in same period last year.

The profit was due to a substantial increase in copper sales during the six months of $119.7 million, up from $8.5 million in previous corresponding period.

Cash at end of June was $4.4 million.

The miner’s 74 per cent-owned Wetar copper project in Indonesia produced 12,929 tonnes of copper cathode and 14,572 tonnes of copper cathode. Cash cost came in at $US1.03 per pound of copper produced.

The company also reduced its debt during the period by $US16.9 million to $US74.5 million from the initial $US162 million loan.

Finders managing director Barry Cahill said the company would focus on debt reduction and extending Wetar’s mine life beyond the current seven years.

The company is undertaking drilling to test for extensions to the Lerokis ore reserve before commencing at the Meron massive sulphide deposit, which immediately adjoins the Kali Kuning mine site.

Wetar lies on the north central coast of Wetar Island and is part of the Maluku Barat Daya Regency (MBD), Maluku Province, Indonesia.

Shares in Finders (ASX:FND) were last trading at 22.5c before being suspended from trading on September 14. Shares are due to begin trading again on Thursday.