7th Nov 2014 08:10
LONDON (Alliance News) - Weatherly International PLC saw its shares rise early Friday after the company said it started mining at its Tschudi copper mining project in Namibia and is currently stockpiling ore ahead of the commissioning of the crushing and agglomeration plant next month.
In a statement, the company said the first leach pad at the site is close to completion, and placement of ore and irrigation with sulphuric acid is expected to take place in January.
It also expects to commission the solvent extraction and electrowinning plant at the site during the first quarter of 2015, and expects to produce the first copper in the second quarter, as planned.
"In the recent weeks we have continued to make significant advances with the development of the plant especially the leach pads and that we have now agreed timescales for the commissioning of the SX-EW plant and the crushing and agglomeration plant," Chairman John Bryant will tell the company's shareholders at its annual general meeting later.
"Perhaps the most visible evidence of the steps that we have taken is the fact that we are now mining our first ore at Tschudi," he added in a statement.
Weatherly shares were up 10.3% at 4.00 pence early Friday, making it one of the best-performing stocks on the AIM All-Share index.
By Steve McGrath; [email protected]; @stevemcgrath1
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