21st May 2018 18:08
LONDON (Alliance News) - Weatherly International PLC said on Monday that the Tschudi open pit in Namibia has gone through a rapid increase in groundwater inflow rates.
As a result, pump and pipes within the pit have been moved, on-site standby pumping equipment and pipelines have been installed and additional pumps have also been mobilised to the site.
Water levels are expected to stabilise in the near term once additional pumps are installed, however several of the main areas of the pit where ore is exposed or can be mined are currently submerged, leading to an unavoidable impact on copper production.
In addition, Intrepid Mines Ltd said that the approval granted by the Ministry of Mines and Minerals Development for Weatherly to purchase Intrepid's assets lapsed on Friday.
Shares in Weatherly International closed down 10% at 0.20 pence on Monday.