Weatherly (WTI) is an AIM listed mining, exploration and development Company. The copper portfolio includes the following Namibian assets, two mines at Otjihase and Matchless in production, two development projects and an exploration licence. The company has resources (JORC) containing 712,000t of copper. The immediate strategy is to develop a copper mining business capable of sustaining 20,000 tpa of copper at average industry cost of production for the next ten years.
19/04/12
Quarterly Operations and Production Update26/03/12
Adviser Change of Name16/03/12
Holding(s) in Company15/03/12
Director Dealing and Holding in Company28/02/12
Interim Results
28/02/12
The shares advanced 20 per cent today as Weatherly reported a US$13.3 million profit. City broker Collins Stewart believes investors will turn their attention to the firm as an emerging copper producer.
28/02/12
In this morning’s interim results statement Weatherly reported a US$13.3 million profit. It is producing good cash flows from the mines within its central operations and it is on track to complete a feasibility study for the Tschudi open pit in the coming months.
07/02/12
The total resource of the Tschudi copper project in northern Namibia has increased by 5 per cent to 50.1 million tonnes at 0.86 per cent copper, according to its owner Weatherly International.
03/01/12
A year of recovery in 2011 has put Weatherly in a “pretty good space” and the copper miner is determined to keep enough in reserve to cope if there are any more financial dislocations.
22/07/11
Ambrian analyst Adam Kiley reckons Weatherly is still a ‘buy’ despite the disappointing delay to the Tschudi copper project’s bankable feasibility study. Crucially the analyst points out that, at the moment, the main drivers to the share price are the group's two producing copper mines, Otjihase and Matchless.
19/04/12
Weatherly expects copper output to rise substantially this quarter18/01/12
Weatherly boosted by higher grades and recoveries14/12/11
Weatherly International achieves all its aims for year12/10/11
Weatherly International confident of successful future27/09/11
Weatherly International sells 2.5 per cent stake in subsidiary to local workers union
16/03/2012
15/03/2012
25/07/2011
22/07/2011
Weatherly (WTI) is an AIM listed mining, exploration and development Company. The copper portfolio includes the following Namibian assets, two mines at Otjihase and Matchless in production, two development projects and an exploration licence. The company has resources (JORC) containing 712,000t of copper. The immediate strategy is to develop a copper mining business capable of sustaining 20,000 tpa of copper at average industry cost of production for the next ten years.
In keeping with the above, we have brought the best of the underground mines, Otjihase and Matchless (Central Operations), back into production in Q1 2011. Production is expected to average approximately 7,000t of copper per annum.
We will be following this up with the development of a new open pit mine at Tschudi. We are in the process of undertaking a detailed feasibility study which is expected to be completed in the first half of 2012. Detailed plans for this project will be announced as the feasibility study progresses. At this point in time the favoured processing route is to heap leach the entire orebody, then produce copper cathodes in a solvent extraction - electrowinning (SX-EW) plant on site at Tschudi. Studies will also examine the incorporation of the reworking of the Tsumeb Tailings in order add value the Tschudi project.
Together with our Chinese partners, ECE, we have listed on AIM a joint venture company; China Africa Resources Plc. Weatherly holds a 25% shareholding in the Company. The transaction raised £4.8m for China Africa Resources, and its first objective is to complete a feasibility study into the development of the old Lead Zinc mine at Berg Aukas, near Groonfontein in Northern Namibia.
We will also be accelerating the planned extension drilling of the Tschudi syncline. Exploratory drilling of Tsumeb West is also scheduled for 2012.
Otjihase and Matchless
Weatherly has begun operating the Otjihase and Matchles mines under a system of contract mining with operations allocated to discrete manageable contracts to improve accountability and maximise operating efficiencies while retaining direct control of of elements such as mine planning and grade control. The company has employed a number of local contractors most of which have previous experience in the operation of Otjihase and Mstchless mines.
Otjihase
The first five years of production will come mainly from the Karuma West areas with future production from pillar extraction from the upper levels of the mine. Deeper resources will be subject to a separate feasibility study focusing on the Tigerschlucht compartment which contains sufficient ore to justify a future shaft access.
Otjihase Mine- Plan View
Matchless
At Matchless, the main western extension (MWE) will be depleted in about five years and it is anticipated that the original "River Shoot" area will be reopened in order to extract the remaining reserves still available from the previous mining. This is expected to extend the life of Matchless by a further seven years .
Matchless Mine-Plan View
Northern Operations
Tschudi Open Pit Mine
At Tschudi, the plan is to establish a medium scale open pit with a strike length of approximately two kilometres and a depth of around 180 metres. This is an exciting opportunity as it is a well know resource that has been drilled out and the grade risk variations are well understood. Based on a report by Coffey Mining (SA) pty Ltd in November 2008, this pit would contain a measured and indicated resource of 25.2 mt grading 0.92% copper.
In June 2010, the company appointed Sedgman Limited, an Australian metals engineering company, to manage the first stage of a feasibility study for the project. Previous metallurgical work carried out by both Gold Fields (1980-1996) and Indec (2003) demonstrated that the mineralisation responds well to both acid leaching and conventional flotation. Broadly speaking, two alternative processing routes are being processing routesare being evaluated and based on the results of this initial metallurgical test work, and appropriate processing route will be chosen and then the full feasibility study will be completed during 2011.
The simplest processing route under consideration is to heap leach the entire orebody to produce either an intermediate product (copper sulphate) or a copper cathode. Based on historical annual recovery of around 11,000t of copper over a life of ten years.
The second and currently favoured alternative is to heap leach the low component of the orebody (approximately 1.2% Cu) to the existing Tsumeb concentrator. The additional trucking cost would be offset by jigher copper recoveries and the recovery of the silver as a by-product. Based on the Gold Fields data Weatherly's own recent experience, this would increase annual production to approximately 13,000t of copper and 280,00oz of silver over a ten tear life.
Northern Operations (Tsumeb Tailings)
We are undertaking a formal investigation into the feasibility of copper production from the old tailings at Tsumeb. We are examining this urgently as it provides the potential to exploit an existing resource and increase our copper production with relatively low investment. Accordingly, we have awarded a contract to Dump and Dune, a South African company, to mobilise at the beginning of March, 2011. The Tsumeb tailings comprises residues from the old Tsumeb mining operations and contains an historical (noncompliant) resource of 16mt grading 0.71% copper. It is also known to contain significant concentrations of lead, zinc and silver. The company has engaged consultants Coffey Mining to prepare a resource statement and report that will comply with the required listing standards (JORC). Sedgman Engineering, who is currently managing the Tschudi feasibility study, has also been engaged to determine whether there is a viable retreatment process that can take advantage of the existing Tsumeb.
For full details on Weatherly International's Current Operations please click here.
John Bryant
Non-executive Chairman
Mr Bryant is the Senior Independent Director of AIM listed IGas plc. He was previously Chairman of Gas Turbine Efficiency plc, KP Renewables plc and a board member of Attiki (Athens) Gas Company.
Rod Webster
Chief-executive officer
Mr Webster is a graduate mining engineer from the University of Sydney. He has over 35 years of experience in the resources industry, including more than 15 years in managing director or chief executive officer positions.
Dr Wolf Martinick
Non-executive Director
Dr Martinick is an environmental scientist with extensive experience in the mineral resource industry. He has been involved with mineral exploration and mining projects around the world, especially in Australasia.
Alan Stephens
Senior independent non-executive director
Alan Stephens joined Weatherly in July 2008. Alan is President, CEO and Director of Coro Mining Corp, a TSX quoted, Latin American focused, copper development company with an advanced copper-gold project in Argentina and several earlier stage projects in Chile. He is also Chairman of Valley High Ventures, a Vancouver based junior exploration company with base and precious metals projects in Mexico and Canada.
For further information please click here
Auditor
Grant Thornton UK LLP
The Explorer Building
Fleming Way
Manor Royal
Crawley RH10 9GT
Bankers
Bank of Scotland
St James’s Gate
14-16 Cockspur Street
London SW1Y 5BL
Solicitors
Morrison & Foerster (UK) LLP
CityPoint
One Ropemaker Street
London EC2Y 9AW
Nominated Advisor and Broker
Collins Stewart
88 Wood Street
London EC2V 7QR
Registrars
Capita Registrars
The Registry
34 Beckenham Road
Beckenham
Kent BR3 4TU
Weatherly's London Office
180 Piccadilly
London
W1J 9HF
T +44 (0)207 917 2989
F +44 (0)207 439 0262
Company Secretary
Max Herbert
T +44 (0)207 917 2989
F +44 (0)207 439 0262
info@weatherlyplc.com
Shares in issue: 536,571,808 Ordinary Shares in Issue, as at Last Close.
| Shareholder Name (* - Executive/Director) | Amount | % Holding | |
|---|---|---|---|
| Legal & General Group - Direct | 25,945,455 | ||
| Legal & General (Unit Trust Managers) Limited | 51,000,000 | 76,945,455 | 14.34 |
| BlackRock | 53,064,790 | 9.89 | |
| Government of the Republic of Namibia | 27,364,986 | 5.10 | |
| Rod J Webster* | 27,343,800 | 5.10 | |
| Wolf G Martinick* | 19,263,200 | 3.59 |
| Director Name | Amount | % Holding |
|---|---|---|
| John Bryant | 482,500 | 0.09 |
| Alan Stephens | 300,300 | 0.05 |
Updated from Weatherly International's website 11.05.2012
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