15th Jul 2014 09:26
LONDON (Alliance News) - Copper mining company Weatherly International PLC Tuesday said 1,507 tonnes of copper metal contained in concentrate was produced in the fourth quarter ended June 30, up from 1,067 tonnes in the previous quarter ended March 31.
AIM-listed Weatherly said its unit cash cost for the quarter was USD5,710 per tonne or USD2.59 per pound-mass.
During the quarter, the company delivered 6,288 tonnes of concentrate to metal trader Louis Dreyfus Group at a weighted average price of USD6,737 per tonne of copper.
The company also said it raised GBP1.7 million by way of a placement of 43.3 million new shares at a price of 3.95 pence per share to Logiman. Engineering company Logiman is currently constructing Weatherly's Tschudi plant in Namibia.
In addition, Weatherly said it paid off USD550,000 of its working capital loan to Orion Mine Finance. The loan has since been reduced to USD1.4 million.
At an operating level, Weatherly said its Tschudi project made excellent progress and at June 30, it was 57% complete. The company has drawn down 58% of its loan from Orion Mine Finance which covers the full cost of the project through to first copper.
"We are delighted that our production guidance in May has been met, and we expect further improvements in the next quarter as primary stopping in the Hoffnung Fault West area starts to have an impact," Chief Executive Rod Webster said in a statement.
"We are also extremely pleased to welcome Logiman, our engineering contractor for the Tschudi project, as a shareholder. This is a great vote of confidence in both the management and the project itself, especially given the fact that Logiman bought the shares at a significant premium to the market," he added.
Weatherly shares were quoted up 15% at 3.30 pence making it one of the biggest gainers on AIM.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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