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Weatherly (WTI) is an AIM listed mining, development and exploration Company focusing on Copper in Namibia. The copper portfolio includes the following assets in Namibia: two mines named Otjihase and Matchless which are in production, Tschudi - an open pit SX-EW development project which is in financing phase, the Tsumeb Tailings...Read more
Weatherly International plans extra work for Tchudi feasibility study, delays until mid-2012July 22 2011, 7:29am
Weatherly International (LON:WTI) now plans to drill a further 12 holes and carry out another column leach test before it completes the bankable feasibility study (BFS) for the Tschudi copper project in Namibia.
It said that it has decided, after discussions with potential financing partners, to expand the study to ensure that it meets the rigorous technical and financial requirements of a BFS. The BFS will now be delayed until mid-2012.
"In order to maintain shareholder value we are looking to utilise debt and project finance to fund this development and reduce potential dilution to shareholders,” said chief executive Rob Webster.
“It is therefore important that we deliver a feasibility study that meets all the requirements of our potential financing partners rather than have to revisit it at a subsequent financing stage."
Although the company doesn’t expect to complete the BFS until mid-2012, it plans to complete a separate report on the project’s feasibility, in relation to the capital costs associated with the plant and the open pit mine, by the end of this year.
“It is the Company's objective to be in a position to announce the full details of the BFS, together with a financing package and indicative construction programme, by mid 2012,” Weatherly said.