Member Info for Headly

https://www.fticonsulting-emea.com/~/media/Files/emea--files/creditors-portal/cip-emea-public/weatherly-international-plc/notice-of-extension-of-administration--14-may-2019.pdf

So the mine is up and running still. No news from the administrators. Wonder what the plan is. Presumably shareholders still own a chunk of this entity?

So this has now delisted and disappeared off the radar - but are shareholders not still entitled to know the outcome of this debacle - especially as there was talk of being back to normalised production by end of this year? Or have Orion pulled the plug?

Unfortunately it is now!

That is how it appears to me too - I guess any suppliers also get left high and dry, but possibly with an offer to make it back be agreeing to re-supply the new entity. That just leave shareholders out in the cold. Makes you hope it all fails again!!

That's investors done for I guess. Meanwhile jobs for the boys still. They think they can make Tschudi work, shame the couldn't have done so sooner. Stinks really.

So what of the supposed rescue package? No official news on that at all? Are the administrators aware of this or is it just another load of bull!

This is now on the homepage: "On 1 June 2018, Simon Kirkhope and Andrew Johnson of FTI Consulting LLP were appointed as Joint Administrators of Weatherly International Plc (“WTI”). The Administration appointment relates solely to WTI with all other entities within the Group remaining outside of an insolvency process and continuing to trade under control of their directors. The Joint Administrators will work closely with the management of the subsidiary entities to establish the optimal strategy for the Group with a view of maximising recoveries to creditors of WTI. Should you wish to contact the Joint Administrators please do so on WTIShareholders@fticonsulting.com or 020 3727 1616."

Copper well up now - immaculate timing by WTI to totally stuff this up!!!

Meanwhile copper is flying. You just couldn't make this stuff up!!

I have assumed that WTI called in the administrators as a reaction to Orion putting a stop on the $10m facility. Orion got tough after the latest water issue and WTI pulled the plug - but no the one at the bottom of the pit, unfortunately!!

With no further funding from Orion it will depend on whether they can afford to do this. But wouldn't that be result!

I can only imagine that WTI and Orion had a good falling out over this - but I still feel aggrieved at all the Kitumba debacle and so on. What on earth were WTI thinking entering into such an idea - it led investors well and truly up the garden path. They were quite simply in no shape to enter in such agreements at all. Hard to believe that Orion let that one happen.

If such a thing could happen then Orion would be a shareholder too, along with other major holders and Pi's - that would surely be like Orion saying to WTI to forget about the loans and go and carry on elsewhere? But that cannot happen regardless, now this is in administration. I assume that Orion have little say now and are in the line for whatever can be salvaged from disposing of WTI's assets. So they are well stuffed on this one, I would think, along with everybody else. Meanwhile Cu rises!

I'd say over.

Just a couple of months back they were buying Kitumba amongst other positive sounding noises. I can only imagine they were the very desperate death throws of the company - who were more aware than most that Tschudi was terminally knackered. I wouldn't think Orion will see much out of this now either. But I am sure the additional WTI projects will resurface somehow - probably as more AIM pie in the sky. But then again if the water ingress had not been so horrendous this may well have survived.

The way I have read it is that they are dealing with managing water once it is out of the pit. The issue that has bothered me above all else is the ingress into the pit - this can be managed but only to an extent. It does appear to be an increasingly tricky situation.

Well WTI is going to be worth less than peanuts from a stockmarket valuation. It is really Orion who now need to figure out what to do with this mess.

With all that water I'm surprised that initial drilling didn't create a dramatic water display. They mining an underground river or something!!!

Does the open $10m loan facility from Orion still exist - anybody any ideas on this one? Or has it been withdrawn...