Weatherly International PLC AGM Update (2949B)
09 January 2018 - 6:00PM
UK Regulatory
TIDMWTI
RNS Number : 2949B
Weatherly International PLC
09 January 2018
9 January 2018
This announcement includes release of insider information
Weatherly International plc (AIM:WTI)
("Weatherly" or "the Company")
AGM Update
Ahead of today's AGM, the Company is pleased to announce that
Tschudi production for the December quarter was 4,739 tonnes of
copper cathode, or 11.5% above nameplate. This is a record
production result for Tschudi and brings year to date production to
8,843 tonnes or 4% ahead of nameplate half way through the
financial year. This outcome was assisted by some short-term
benefits from relatively-fast leaching of additional oxide ore
mined from an interim pit pushback bringing forward some leaching
output, and some early seasonal rains have had minimal impact upon
the operation thus far. Mining and stacking of mixed ore has
resumed, and the main wet season is now approaching. A more
detailed operational update for the quarter will be published later
in January.
With regard to Weatherly's intended acquisition of the Kitumba
copper project in Zambia as announced on 12 December, the Company
now advises that an EGM is being held by the vendor, Intrepid Mines
Limited, on 2(nd) February. One of the items to be resolved at that
meeting is the shareholder approval which is one of the Conditions
Precedent for the sale of Kitumba to Weatherly.
The Company further advises that it has registered to attend the
121 Mining Investment forum in
Cape Town on 5-6 February.
The Company and its subsidiaries are unlikely to generate
sufficient surplus cash to meet all loan repayments when due,
particularly in the near term. The Company continues to positively
engage with Orion on the subject.
For further information please contact:
Weatherly International plc +44 (0) 1707 800 774
Craig Thomas, Chief Executive Officer
Kevin Ellis, CFO and Company Secretary
RFC Ambrian Limited +44 (0) 20 3440 6800
(Nominated Advisor & Broker)
Nominated Advisor Contact: Stephen Allen / Bhavesh Patel
Broker Contact: Charlie Cryer
About Weatherly
Weatherly is an AIM listed copper mining company operating in
Namibia in southern Africa. Its principal assets are the Tschudi
Mine and the Otjihase Project. The Tschudi Mine is an operating
open pit mine producing refined copper cathode on site. The key
assets of the Otjihase Project are the Otjihase underground copper
mine and concentrator and the Matchless West underground copper
mine. The Otjihase Project assets are currently under care &
maintenance while in the Project Development stage. Weatherly also
owns 25% of China Africa Resources Namibia (CARN), a private
Namibian company which owns the high-grade Berg Aukas underground
zinc-lead-vanadium project. On 12 December 2017, Weatherly
announced that it had entered into an agreement to purchase the
Kitumba copper development project in Zambia, subject to regulator
and vendor shareholder approvals.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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