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Polo Resources Limited RNS Release

WEATHERLY INTERNATIONAL - INVESTMENT UPDATE

RNS Number : 7908B
Polo Resources Limited
06 April 2017
 

6    April 2017

 

 

 

Polo Resources Limited

 

("Polo" or the "Company")

 

 

WEATHERLY INTERNATIONAL - INVESTMENT UPDATE

 

Polo Resources Limited (AIM: POL), the multi-sector investment company with interests in oil, gold, coal, copper, phosphate, lithium, iron and vanadium, notes that its investee company, Weatherly International Plc ("Weatherly") (AIM: WTI) has provided an update on copper cathode production at its Tschudi open pit mine.

 

Weatherly's announcement has been substantially reproduced below. The full details of the announcement can be found at http://weatherlyplc.com/.

 

 

This announcement contains inside information as defined in Article 7 of the EU Market Abuse Regulation No 596/2014 and has been announced in accordance with the Company's obligations under Article 17 of that Regulation.

 

For further information, please contact: 

  Polo Resources Limited

  Kudzayi Denenga, Investor Relations

++27 (0) 787 312 919



  ZAI Corporate Finance Ltd (nominated adviser)

  Ray Zimmerman, John Treacy

 

++44 (0) 20 7060 2220

  Liberum Capital (broker)

  Henry Freeman

++44 (0) 20 3100 2000

 

  Blytheweigh (public relations)

  Tim Blythe, Nick Elwes, Camilla Horsfall

++44 (0) 207 138 3204 

 

 

About the Company

 

Polo Resources Limited is a multi-sector investment company focused on investing in undervalued companies and projects with strong fundamentals and attractive growth prospects. For complete details on Polo, please refer to: www.poloresources.com.

 

 

 

 

 

 

 

 

 

 

 

Tschudi Operations Update

 

Weatherly International Plc (AIM: WTI) ("Weatherly") wishes to provide an update on recent events associated with its Tschudi copper cathode production activities.

Tschudi Production Update

As the open pits have progressed deeper, the proportion of mixed oxide / sulphide ore mined has increased as expected.  This mixed ore was expected to leach more slowly than oxide ore, and the mining and stacking schedules were designed to accommodate this.

Slower than expected recoveries from ore stacked in late 2016 resulted in a need to accelerate stacking rates to compensate, but unfortunately this coincided with above average rainfall which caused operational delays that were typically 2 to 3 times longer than those experienced in previous years' rainy seasons.

As a result, Tschudi was unable to further accelerate stacking rates to compensate and instead of producing at above nameplate rates to recover more of the shortfall from the September 2016 Quarter as scheduled, production rates fell to 24% below nameplate at 3,236 tonnes, with the greatest impact felt in March.

As rain delays reduced through March the rate of stacking contained copper metal improved notably and these improved rates of stacking copper are expected to be sustained going forward.  The rate of leaching is expected to recover during the June quarter and full year production to June 2017 is now forecast to be 14,500 to 15,000 tonnes.

As an additional response to the slower leaching of mixed ore, a greater pad area is required to maximise recovery of copper prior to over-stacking and therefore the construction of the stage 2 heap leach pad extension commenced in March.

Mining schedules will continue to ensure sufficient stockpiled ore is available even when future rainy seasons are above average.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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