19th May 2014 09:22
LONDON (Alliance News) - Weatherly International PLC saw its shares rise Monday after it said the projected operating costs at the company's Tschudi copper project in Namibia had been cut and the overall value of the project had been increased.
In a statement, the miner said Minxcon (Pty) Ltd, its competent person, had provided a financial update for the Tschudi project, giving it a net present value of USD133 million. The life of mine cash cost for the project has been calculated at USD4,226 per tonne of copper, or USD1.92 per pound, and the breakeven price has been calculated at USD4,675 per tonne of copper, or USD2.12 per pound.
Weatherly said the project was 44% complete at the end of April and on schedule to deliver its first copper in the second quarter of 2015.
Weatherly shares were up 13.6% at 2.699 pence Monday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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