Weatherly International Plc Regulatory News (WTI)

21 May 2008 07:00



Weatherly International plc

Announcement of  joint venture with Anglo American plc

Weatherly International plc ("Weatherly"), the resource company with copper mining and smelting operations in Namibia, is pleased to announce a new joint venture with Ambase Prospecting Pty Ltd a subsidiary of Anglo American plc. The joint venture will explore Weatherly's tenement, EPL 2906, in the Grootfontein District of the Otjosondjupa Region, North West Namibia, close to the Berg Aukus Zinc Mine.

Under the terms of the agreement Anglo American  will conduct exploration activities on EPL 2906 and commits to a minimum expenditure of US$2.0 million over a period of three years, depending on exploration results and progress.

Commenting on this JV, Rod Webster, CEO, said:

"We are delighted to have entered into this Joint Venture with Anglo American to explore the Otjosondjupa region of NW Namibia. We believe that our regional knowledge and experience will complement and enhance the skills and resources of such a reputable multi-national as Anglo American in this partnership." 

For further information contact:

Enquiries:

Weatherly International plc Tel: +44 (0)20 7868 2232

Max Herbert/Paul Craven

Libertas Capital Tel: +44 (0)20 7569 9650

Jakob Kinde/Sandy Jamieson

Cardew Group Tel: +44 (0)20 7930 0777

Anthony Cardew/Jamie Milton

Notes to Editors:

Weatherly International is a profitable and growing resource producer with a production base in Namibia, currently operating four copper mines and a smelter. Weatherly is also assessing a number of new operations worldwide and is undertaking a Full Feasibility Study on the Tambao Manganese Project in Burkina Faso. 

Weatherly's strategy for growth is to combine its management expertise with the best of local talent to create self sustaining assets, capable of maximizing the value of their resources. Weatherly's first project was the failing Namibian mining and smelting company, Ongopolo, which was acquired in July 2006. At the time of acquisition, Ongopolo was on the brink of insolvency with just one mine operating well below its capacity, a smelter in disrepair, and substantial debts. By the end of the financial year, Weatherly had successfully rehabilitated three mines, commissioned a new mine, Tschudi, and refurbished the smelter on time and within budget. This culminated in Weatherly posting a maiden profit of US$12.4 million. 

For further information on Weatherly, visit our website on www.weatherlyplc.com