Last checked at 31 May 2016 18:23
31 May 2016
Weatherly International plc
("Weatherly" or "the Company")
Rescheduling of repayment
Weatherly has previously advised that if copper prices remain at current levels it is unlikely that the Company and its subsidiaries (the "Group") will generate sufficient surplus cash to meet all loan repayments when due.
The first rescheduled instalment of Tranche B of the facility between Orion Mine Finance (Master) Fund I LP ("Orion") and the Group was due today, 31st May 2016. Following discussions between the Company and Orion, which is also the Company's largest shareholder, Orion and the Company have agreed in principle to defer the payment of this instalment. Finalisation of definitive documentation for these arrangements is underway and is expected to be concluded within a short period.
Further announcements on these arrangements will be made in due course.
For further information please contact:
Weatherly International plc +44 (0) 20 7936 9910
Craig Thomas, Chief Executive Officer
Kevin Ellis, CFO and Company Secretary
RFC Ambrian Limited +44 (0) 20 3440 6800
(Nominated Adviser & Broker)
Stephen Allen / Kim Eckhof
Blytheweigh +44 (0) 20 7138 3204
(Financial PR)
Tim Blythe / Camilla Horsfall / Megan Ray
About Weatherly
Weatherly is an AIM listed copper mining company operating in Namibia in southern Africa. Its principal assets are one operating open pit copper mine called Tschudi and two underground copper projects called Otjihase and Matchless.
These assets will enable Weatherly to achieve its medium term goal of establishing a mining business capable of sustaining approximately 25,000 tonnes per annum of copper production.
The Company also has a 25 per cent. stake in the AIM listed company, China Africa Resources plc (AIM: CAF), which is developing a lead/zinc mine called Berg Aukas, also in Namibia.