Resource round-up: Weatherly Int, Mercom, Goldstone Resources, Continental Coal

Aim-listed copper mining producer Weatherly International said it is to reopen the Old Matchless mine in Namibia, allowing the company to double production in the area. Production at the mine, which closed in 1983 and sits around 2km east of current mining operations, is expected to start within 13 months, reaching capacity within 24 months. This would see the company mine 15,000 tonnes of ore a month by 2014, Weatherly said.

Aim-listed copper mining producer Weatherly International said it is to reopen the Old Matchless mine in Namibia, allowing the company to double production in the area. Production at the mine, which closed in 1983 and sits around 2km east of current mining operations, is expected to start within 13 months, reaching capacity within 24 months. This would see the company mine 15,000 tonnes of ore a month by 2014, Weatherly said.

Mercom Oil Sands rocketed after one its minority shareholders, Mauricio Trevino Zambrano, said he had formed a company to make a bid for Nordic Petroleum ASA. If successful, Zambrano intends to enter into negotiations with Mercom to sell it a 100% interest in the four Chard Oil Sands Leases. The firm said there was currently no arrangement or understanding between Mercom and Zambrano. But Mercom added it found today's announcement "an encouraging sign of shareholder support and will follow any developments with interest". Shares rose 28% on the news.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up
MoneyWeek

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.