25th Sep 2013 09:58
LONDON (Alliance News) - Weatherly International PLC Wednesday said it has appointed key contractors to build its Tschudi Copper project in Nambia, a week after it confirmed full funding for the project.
It said Basil Read Mining Namibia will be its mining contractor, B & E International will build the crushing, agglomeration and stacking facilities and LogiMan will build the plant.
Weatherly said it's also close to finalising an agreement with Nampower on power supply for the operation and expects to complete this when it draws down the loan it agreed with Orion Mining. It is also finalising a long-term acid supply deal with Protea Chemicals.
"The final negotiations to secure the loan for Tschudi took longer than originally anticipated, but we were able to make significant operational progress on Tschudi during these negotiations. Appointing the contractors takes us one step closer to getting Tschudi into production," Weatherly Chief Executive Rod Webster said in a statement.
Weatherly last week said it had got full financing for its Tschudi copper project after signing a USD91 million loan deal with Orion Mine Finance.
The shares were up 2.9% at 5.275 pence Wednesday morning, having risen sharply in the wake of the funding agreement.
By Steve McGrath; [email protected]; @SteveMcGrath1
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