14th Sep 2015 07:06
LONDON (Alliance News) - Weatherly International PLC on Monday said it has upgraded production guidance for the Tschudi mine in Namibia and said it has shifted its Otjihase and Matchless mines to project development status.
Weatherly said production guidance for Tschudi in the current quarter has been upgraded by 15% to 1,150 tonnes of copper metal per month, from 1,000 previously.
"We maintain our focus on Tschudi and the ramp up has progressed well ahead of schedule. I am pleased to confirm our previous commitment that, before year end, Weatherly will be operating a new 17,000 tonnes of copper metal per annum open pit copper mine in the best mining country in Africa, producing some of the highest quality copper cathode in the world," said Chief Executive Craig Thomas.
In addition, the company said the Otjihase and Matchless mines, also in Namibia, will be converted to project development status in order to prepare the mines for future production of larger copper volumes, once market conditions improve.
"Due to 2015 copper prices reaching the lowest levels in six years, copper production at Central Operations is no longer commercially viable. As a consequence, management has had to implement measures which, in the short term, reduce costs but, in the longer term, look to create a viable future," Thomas added.
Weatherly shares were up 7.2% in early trade to 0.697 pence, one of the best performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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