Weatherly International PLC Quarterly Operations and Production Update (5428O)
12 October 2012 - 5:00PM
UK Regulatory
TIDMWTI
RNS Number : 5428O
Weatherly International PLC
12 October 2012
Weatherly International Plc
Quarterly Operations and Production Update
Weatherly International Plc ("Weatherly" or "the Company") is
pleased to present its quarterly update for the first quarter of
its 2012/13 fiscal year.
Highlights
-- Fourth quarter production was 6,499 tonnes of copper
concentrate containing 1,470 tonnes of copper
-- Central Operations produced 572 tonnes of copper in concentrate in September
-- The Tschudi feasibility is progressing well with an expected
delivery date before the end of the year
Rod Webster CEO of Weatherly commented:
"The level of production in September is very encouraging. Both
grades and recoveries have been strong across the quarter and these
levels of production should be improved upon again in the current
quarter with unit costs reducing accordingly. This will put the
company in a strong position in the lead up to the funding of the
Tschudi project."
Production
Production results for the quarter are set out in the table
below.
Quarter Quarter Quarter Quarter
to 31 Dec to 31 Mar to 30 Jun to 30 Sep
2011 2012 2012 2012
Ore Treated (t) 97,958 82,558 85,153 87,645
Grade (%) 1.56 1.58 1.66 1.80
Recovery (%) 92.83 92.98 91.52 93.31
Copper concentrate
(t) 5,714 5,148 5,605 6,499
Copper contained
(t) 1,421 1,214 1,292 1,470
Central Operations
Quarterly production from Central Operations was 6,499 tonnes of
copper concentrate containing 1,470 tonnes of copper. In the month
of September the Central Operations produced 572 tonnes of
copper.
Mined grades and recovery both improved on the previous quarter
results.
The Matchless mine continued to perform well, maintaining
targeted production levels during the period. At Otjihase, new
working areas are permitting additional flexibility to the
operations and this is resulting in improved production performance
at the mine.
Cash costs (C1) for the month of September were US$5,282/t
copper with a total for the quarter of US$5,887/t copper.
Tschudi Feasibility Study
The review of the Tschudi feasibility study is continuing and is
seeing positive results from the redesign and optimisation work
commenced in the previous quarter. The study remains on track and
the Company is expecting to announce the results of the feasibility
study by the end of the calendar year.
Commercial
During the quarter, the Company delivered 1,267 tonnes of copper
contained in 5,712 tonnes of concentrate to metal trader Louis
Dreyfus at a weighted average price of US$ 8,737 /t copper. The
Company continues with its policy of forward selling a proportion
of its production up to 18 months ahead.
As at 30 Sept 2012, the Company had:
(1) cash at bank of US$7.2m equivalent
(2) reduced its working capital loan with Louis Dreyfus to
US$4.8m, having made loan repayments of US$1.1m in the quarter
(3) forward contracts over 3,600 tonnes copper at an average price of US$8,036 /t
The Company's next quarterly operations and production update
will be issued in mid-Jan 2013.
About Weatherly
Weatherly is an AIM listed, copper focused mining company, the
principal assets of which are located in Namibia. It currently has
two producing copper mines (Otjihase and Matchless), and is
progressing feasibility studies on projects which will enable
Weatherly to achieve its medium term strategy of establishing a
copper mining business capable of sustaining approximately
20,000tpa of copper at an average industry cost of production for
at least ten years.
The Company also has a 25% stake in an AIM listed company, China
Africa Resources Plc (CAF), which is currently focused on the
development of the lead/zinc project at Berg Aukas in Northern
Namibia.
For further information please contact:
Weatherly International Plc +44 (0) 20 7917 2989
Rod Webster, Chief Executive Officer
Dean Friday, Investor Relations
Canaccord Genuity Limited +44 (0) 20 7523 8350
John Prior, Sebastian Jones
This information is provided by RNS
The company news service from the London Stock Exchange
END
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