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7 Nov 2014 07:00
7 November 2014
Weatherly International Plc
("Weatherly" or "the Company")
Trading Update
Weatherly International Plc (AIM: WTI) today announces a trading update on progress at its Tschudi copper mining project in Namibia.
Highlights
· The Company has commenced mining and is currently stockpiling ore
· The first leach pad is close to completion
· Commissioning of the crushing and agglomeration plant due in December 2014
· Placement of ore and irrigation with sulphuric acid expected in January 2015
· Commissioning of the SX-EW plant expected during the first quarter of 2015
· First copper production at Tschudi is, as planned, expected during the second quarter of 2015
The Company's Annual General Meeting will be held at the offices of Morrison & Foerster (UK) LLP, 7th Floor, CityPoint, One Ropemaker Street, London EC2Y 9AW at 11:00 on Friday 7th November 2014.
The Chairman, John Bryant, will make the following statement at the AGM:
"I am pleased with the progress made at Tschudi and I am delighted to tell shareholders that we remain on track to produce our first copper in the second quarter of 2015.
"In the recent weeks we have continued to make significant advances with the development of the plant especially the leach pads and that we have now agreed timescales for the commissioning of the SX-EW plant and the crushing and agglomeration plant.
"Perhaps the most visible evidence of the steps that we have taken is the fact that we are now mining our first ore at Tschudi.
"I am sure shareholders will want to join me in congratulating Rod Webster and our excellent team in Namibia on the way they are bringing Tschudi towards completion."
For further information please contact:
Weatherly International Plc +44 (0) 20 7917 2989
Rod Webster, CEO
Kevin Ellis, CFO & Company Secretary
RFC Ambrian Limited +44 (0) 20 3440 6800
(Nominated Adviser & Broker)
Samantha Harrison
Finncap +44(0)2072200514
(Joint Broker)
Joanna Weaving
Blytheweigh +44(0)2071383204
(Financial PR)Tim Blythe / Halimah Hussain
About Weatherly
Weatherly is an AIM listed copper mining company operating in Namibia in southern Africa. Its principal assets are two underground copper mines, Otjihase and Matchless, and a larger open pit development called Tschudi scheduled to come on stream in the second quarter of calendar year 2015.
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% stake in the AIM listed company, China Africa Resources Plc (CAF), which is developing a lead/zinc mine called Berg Aukas also in Namibia.
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