15th Dec 2015 10:55
LONDON (Alliance News) - Copper cathode miner Weatherly International PLC on Tuesday said its reserve estimate for the Tschudi project in Namibia has increased and said it is considering expansion options for the site.
The company said the Tschudi ore reserves has been increased to 214,000 tonnes of contained copper metal, after 8,000 has been removed due to mining depletion effects. This is higher than the 215,650 tonnes in total which had been estimated prior to mining starting.
Weatherly also expects cash costs for the mine to be reduced by around 9.0% and said it has identified potential opportunities to expand the project and capacity of the mine.
"As promised in October, we have been able to provide updated life-of-mine cost guidance for Tschudi based on the updated reserve estimate, and we are very pleased to report that these costs have improved by 9% compared to the feasibility study estimates," said Chief Executive Craig Thomas.
Shares in Weatherly were up 1.2% to 0.3288 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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