14th Apr 2016 07:23
LONDON (Alliance News) - Copper cathode producer Weatherly International PLC on Thursday said production outpaced expectations in the third quarter and came in at a lower cost than guided.
Weatherly said it produced 4,442 tonnes of copper cathode in the quarter to the end of March at its Tschudi mine in Namibia, 4.0% ahead of the nameplate production rate for the project.
Weatherly also said C1 costs for the quarter were USD3,429 per tonne, well below its guidance for USD4,250 to USD4,350 for the financial year to the end of June.
"We are very pleased with the consistent production performance from Tschudi during the quarter, and we finished the period 4% above nameplate, continuing our track record of meeting or beating guidance at Tschudi," said Craig Thomas, Weatherly's chief executive.
Weatherly shares were up 66% early Thursday to 0.831 pence, the best performer in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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