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.

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.

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.

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.