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Indonesia
Wetar Mine

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 Location:
87 km N from Baucau, Indonesia

  Regional Office:
The Convergence Indonesia 20th Floor, Jl. HR. Rasuna Said, Karet Kuningan Setiabudi
Jakarta
Indonesia
12940
Phone+62-21-29880393
Fax+62-21-29880392
EmailEmail
WebsiteWeb
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  • Overview
  • Owners
  • Geology
  • Mining
  • Processing
  • Production
  • Reserves
  • Costs & Financials
  • Personnel
  • Filings & News

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Overview

StageProduction
Mine TypeOpen Pit
Commodities
  • Copper
  • Gold
  • Silver
Mining Method
  • Truck & Shovel / Loader
Processing
  • Heap leach
  • Solvent Extraction & Electrowinning
Mine Life3 years (as of Jan 1, 2020)
Latest NewsFinders suffers wall failure at copper project     October 3, 2018


Owners & OPERATOR

Source: p. 9,18
CompanyInterestOwnership
POSCO International Corp. 22 % Indirect
PT Merdeka Copper Gold Tbk 78 % Indirect
PT Batutua Tembaga Raya (operator) 100 % Direct
In June 2019, Merdeka completed acquisition of Wetar Project through 78% ownership in BTR.

Deposit Type

  • VMS

Source: Source p.41-42

Summary:

Wetar Island is composed of Neogene volcanic rocks and minor oceanic sediments and forms part of the Inner Banda Arc. The island preserves ~4.7 million-year-old precious metal-rich volcanogenic massive sulphide and barite deposits.

The polymetallic massive sulphides are dominated by pyrite, with minor primary chalcopyrite and lesser bornite cut by late fractures infilled with sulphosalts, tennantite-tetrahedrite and enargite. The sulphosalts have replaced primary chalcopyrite and bornite to varying extents across Kali Kuning, Lerokis and Partolang, and these have in turn been replaced by supergene chalcocite and covellite to varying extents.

Barite-rich orebodies are developed on the flanks of the sulphide units and locally overly the massive sulphides.

Sulphide mounds showing talus textures are localised onto faults, which provided the main pathways for high-temperature hydrothermal fluids and the development of associated stockworks.

Known orebodies are closely associated with quartz-porphyry dacites which occur within the basalts/andesites and are surrounded by widespread propylitic and argillic alteration haloes. Hydrothermal alteration around the various orebodies is zoned and dominated by illitekaolinite- smectite with local alunite and pyrophyllite.

The sulphide mounds and related barite bodies were covered and preserved by post-mineralisation chert, gypsum, calcareous siltstone, limestone, lahars, subaqueous debris flows, volcaniclastic rocks and locally fresh dacitic lava flows at Partolang.

Gold-silver mineralisation occurs predominantly within barite-rich units, including sands, tuffs and breccias (after original dacitic rocks), which are strongly ferruginised locally. In some of the dacitic rocks, barite and hydrated iron minerals have completely replaced the host units, with original breccia textures no longer visible.

The economic copper mineralisation occurs predominantly within coherent massive sulphide units and locally in dacitic breccia units which, have been almost completely replaced by sulphides, with some minor lower-grade material occurring in fractures and as stockworks within intensely altered andesitic and dacitic tuffs and volcanics in the footwall and lateral extent of the massive sulphides. Not all massive sulphides are mineralised.

The contact between the massive sulphides, barite, footwall and hangingwall units is generally quite sharp.


Mining Methods

  • Truck & Shovel / Loader

Source: p.6

Summary:

Ore and waste mining continued at Kali Kuning during the year, with the focus of mining in the northern end of the open pit to bring the floor level with the southern end of the pit. By year end, the majority of the exposed open pit floor was ore, with high grade, black massive sulphide predominating. This was also reflected in a progressive increase in the grade of ore stacked as mining progressed through lower grade transitional ore into the higher grade massive sulphide ore that comprises most of the orebody at Kali Kuning.


Crushing and Grinding
Source: Source p.6


Processing

  • Heap leach
  • Solvent Extraction & Electrowinning

Source: Source p.6

Summary:

Finders has operated a sulphide heap leach and solvent extraction-electrowinning (SX-EW) copper cathode demonstration plant on Wetar Island since 2009. In 2014, the SX-EW plant was upgraded to 3,000tpa which validated the economics for the expansion of the Project to a capacity of 28,000tpa. A new 25,000tpa SX-EW plant was commissioned in May 2016 with first copper plated and stripped in June 2016.

Recoveries & Grades:

CommodityParameter201920182017
Copper Head Grade, % 2.852.582

Production:

CommodityUnits201920182017
Copper t 16,77717,07122,969
All production numbers are expressed as cathode.

Operational Metrics:

Metrics201920182017
Ore tonnes mined 2.3 Mt1,587,951 t1,884,400 t
Waste 3.8 Mt1,408,672 t650,279 t
Annual milling capacity 2.5 Mt
Annual production capacity 25,000 t of copper cathode25,000 t of copper cathode25,000 t of copper cathode

Reserves at December 1, 2019:

CategoryTonnage CommodityGradeContained Metal
Proven & Probable 8.34 Mt Copper 1.36 % 113.5 kt
Measured & Indicated 22 Mt Copper 1.33 % 298 kt
Measured & Indicated 0.33 Mt Gold 2.7 g/t 29 koz
Measured & Indicated 0.33 Mt Silver 116 g/t 1.23 M oz

Commodity Production Costs:

CommodityUnits201920182017
All-in sustaining costs (AISC) Copper USD 1.86 / lb 1.73 / lb 1.56 / lb
C1 cash costs Copper USD 1.29 / lb 1.49 / lb 1.05 / lb

Financials:

Units2019201820172016
Revenue M USD 99.2  154.97  209.5  73.6  
Pre-tax Income M USD -5.62  20.7  57.3  -17.83  
After-tax Income M USD 11.4  56.3  -13.14  
EBITDA M USD 41  38  73  


Heavy Mobile Equipment:

Mine Management:

Job TitleNameProfileRef. Date
General Manager Peter Johnston LinkedIn Sep 26, 2020
Mine Technical Manager Edi Widodo LinkedIn Sep 26, 2020
Process Superintendent Agus Praseteo LinkedIn Sep 26, 2020

Staff:

Total WorkforceYear
873 2019

Corporate Filings & Presentations:

DocumentYear
Corporate Presentation 2020
Annual Report 2019
Quarterly Report 2019
Annual Report 2018
Annual Report 2017
Annual Report 2016

News:

NewsDate
Finders suffers wall failure at copper project October 3, 2018

Aerial view:

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