Weatherly International PLC Tschudi Operational Update and Kitumba Update (7820O)
22 May 2018 - 1:55AM
UK Regulatory
TIDMWTI
RNS Number : 7820O
Weatherly International PLC
21 May 2018
21 May 2018
This announcement includes release of inside information
Weatherly International plc (AIM:WTI)
("Weatherly" or the "Company")
Tschudi Operational Update and Kitumba Update
Tschudi Operational Update
Following a routine production blast earlier this month, the
Tschudi open pit has experienced a rapid and material increase in
groundwater inflow rates.
Accordingly, pumps and pipes inside the open pit have been
relocated, on-site standby pumping equipment and pipelines have
been installed, and additional pumps have been mobilised to
site.
Personnel safety was paramount during this time and at no time
were people or mobile equipment assets placed at risk.
Water levels in the pit are currently expected to stabilise in
the near term as additional pumps arrive and are progressively
installed. However, several of the main areas of the pit where ore
is exposed or available for mining are currently largely submerged.
There will be an unavoidable impact on copper production but this
cannot be quantified at this time. The Company continues to assess
how these water inflows will affect the economic life of the
mine.
Work has been ongoing for the last six months to upgrade the
infrastructure for managing water once it is pumped outside the
pit, and this work is expected to be complete in the next few
weeks.
Further updates will be provided in due course.
Kitumba Update
Further to the Company's announcement of 26 April 2018, Intrepid
Mines Limited (ASX:IAU) ("Intrepid") today announced that the
conditional approval granted by the Zambian Ministry of Mines and
Minerals Development for a subsidiary of Weatherly to purchase
Intrepid's Zambian assets has lapsed, effective 18 May 2018.
Orion Loan Repayments
Further to the Company's confirmation on 3 April 2018 that it
had rescheduled debt repayments that were due on 31 March 2018,
Weatherly confirms that it remains unlikely to generate sufficient
surplus cash to meet all loan repayments when due, particularly in
the near term, and continues to be involved in negotiations with
Orion to agree a long-term restructuring of the Company's secured
debt facilities, which includes instigating the strategic review
announced by the Company on 26 April 2018.
For further information please contact:
Weatherly International Plc +44 (0)1707 800 774
Craig Thomas, CEO
Kevin Ellis, CFO & Company Secretary
Strand Hanson Limited +44 (0) 20 7409 3494
(Nominated Adviser & Broker)
Rory Murphy / James Dance / Jack Botros
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 5 February 2018, the Company
announced that it had signed an agreement to purchase a further 65%
of CARN subject to regulatory approval.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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