31st Mar 2010 07:00
Weatherly International Plc ('Weatherly' or the 'Company')
Agreement for Sale of Kombat
Weatherly is pleased to announce that it has entered into an option agreement with a South African company, Grove Export CC ('Grove'), whereby Grove has the option to purchase the Kombat mine for a total consideration of US$3 million on the same terms as the agreement previously entered into with Cubenco 192 Pty Ltd which was terminated by the Company in January 2010.
Grove has paid a non refundable option fee of N$1.2 million (approximately US$160,000) and the sale is expected to complete by the end of April 2010 subject to Ministerial consent.
The Kombat mine was flooded late in 2007 and although the mine and plant has been kept on care and maintenance, it is not part of Weatherly's future development plans. Weatherly is focussing on the reopening of the Otjihase and Matchless mines and the development of the Tschudi open pit.
For further information please contact:
Rod Webster, Chief Executive Officer Weatherly International Plc
+44 (0) 20 7917 2989
Richard Greenfield, Ambrian Partners Limited
+44 (0) 20 7634 4710
Related Shares:
Weatherly International Plc