Information  X 
Enter a valid email address

Weatherly Int. (WTI)

  Print      Mail a friend       Annual reports

Monday 21 May, 2018

Weatherly Int.

Tschudi Operational Update and Kitumba Update

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 [email protected] or visit www.rns.com.
 
END
 
 
UPDEASSFASDPEFF

a d v e r t i s e m e n t