6th Mar 2006 12:09
Weatherly International PLC06 March 2006 6 March 2006 Weatherly International plc ("Weatherly" or the "Company") Exclusivity arrangement to enter discussions with a mining company The Board of Weatherly announces that the Company has entered into anexclusivity arrangement with Ongopolo Mining & Processing Limited ("Ongopolo")to commence discussions relating to a possible investment in Ongopolo by theCompany. Ongopolo is a copper mining and smelting company with activities in central andnorthern Namibia, operating four copper mines and a smelter. Two of the coppermines, Otjihase and Matchless, are located near Windhoek, the capital ofNamibia. The other mines and smelter are located in the northern part of thecountry near the city of Tsumeb. A possible investment in Ongopolo could formthe basis of a broader strategy by linking it to Weatherly's Luanshya coppermining project in Zambia. There can be no certainty as to the outcome of these discussions, nor as to theterms on which an investment might be made. A further announcement will followin due course. For further information please contact: Weatherly International plcRod Webster, Chief Executive +44 (0) 20 7917 2989John Norris, Company Secretary Information on Weatherly Weatherly's main activity is that of exploration and development of mining andmineral projects. The Company holds certain exploration and development rights to a copper miningproject in Zambia, covering a decommissioned mine and tailings dam situated inLuanshya, in the Zambian copperbelt (the copper-producing region of northernZambia). The Luanshya Copper Project (an area defined by the licenses coveringthese exploration and development rights) is considered by the Board ofWeatherly to be one of the larger copper resources in Zambia with up to 1.4million tonnes of copper contained in resource categories. The Board ofWeatherly estimates that the Luanshya Copper Project could be capable ofproducing up to 60,000 tonnes of copper annually using modern, proven mining andprocessing techniques. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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