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25 Mar 2011 07:00
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Weatherly International Plc
("Weatherly" or the "Company")
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Central Operations Update
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Further to the previous announcements on 14 January and 8 February 2011, Weatherly announces that its wholly owned subsidiary, Ongopolo Mining Limited ('Ongopolo'), has entered into an additional forward sales contract with Louis Dreyfus Commodities Metals Suisse S.A. ('Louis Dreyfus Commodities').
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Weatherly has contracted with Louis Dreyfus Commodities for an additional 1,450 tonnes of contained copper to be delivered progressively over an 18 month period commencing in April 2011 at a fixed price of US$9,643/tonne. Weatherly has therefore contracted forward sales for a total of 3,375 tonnes of copper in three tranches at a weighted average price of US$9,560/t of copper. This represents approximately 34% of planned production up to September 2012.
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Commenting on the agreement rod Webster, Chief Executive Officer, said:
"This further transaction is a result of the confidence we have that production levels will be in line with management forecasts."
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Rod Webster, Chief Executive Officer, Weatherly International Plc
+44 (0) 20 7917 2989
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Samantha Harrison / Jen Boorer, Ambrian Partners Limited
+44 (0) 20 7634 4700
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Carina Corbett, 4C Communications Limited
+44 (0) 20 3170 7973
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