16th Oct 2013 10:51
LONDON (Alliance News) - Weatherly International PLC Wednesday said cash costs in its latest quarter were 13% lower than in the previous three months as it pushes an efficiency drive.
The AIM-listed mining company, with operations in Namibia, said the amount of ore treated increased to 75,060 tonnes from 64,872 tonnes the previous quarter but that its average grade fell to 1.72% from 2.05% and the amount of copper concentrate recovered fell to 5,118 tonnes from 5,250 tonnes.
Weatherly said its unit cash costs for the quarter fell to USD6,096 per tonne, and that it is continuing to work towards reducing its unit costs.
The company also said that it is finalising procedural requirements in order to draw down a loan of USD91 million for the development of its 17,000 tonnes per annum Tschudi SX-EW copper project.
On Tuesday, the company announced that it had swung to a pretax loss in its full year 2013 on lower commodity prices and higher administrative expenses at the company.
Weatherly International shares were down 8.1% to 3.56 pence Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
Weatherly International Plc