Weatherly International unveils rise in copper production

Shares in Weatherly International fell Tuesday as the company released its quarterly operations and production update on copper projects.

Shares in Weatherly International fell Tuesday as the company released its quarterly operations and production update on copper projects.

The company dropped 9.62% at 10:00 despite reporting a rise in production during the second quarter with 5,780 tonnes of copper concentrate containing 1,328 tonnes of copper metal from central operations in Nambia.

During the period preliminary work began on the expansion of the Old Matchless mine in Windhoek, Namibia, which the group said would double production off an already sound operating base.

A bankable feasibility study (BFS) was recently completed for the Tschudi copper project - capable of sustaining about 20,000tpa of copper at industry average costs of production.

"Weatherly is moving into a significant period in the company's life. The progression of the Tschudi project is set to transform the company from a junior to a mid-sized copper producer," Chief Executive Officer Rod Webster said.

"Last year (2012) was a very successful year for Weatherly. Not only did we announce a substantial profit for the fiscal year ended in June 2012, but most importantly we completed the BFS for Tschudi which will put us onto a growth trajectory over the coming years," Webster added.

He said Old Matchless would also boost operating revenues through increased copper production and reduced unit costs.

"We are looking forward to driving the business through an exciting period in 2013."

RD

Recommended

Best junior stocks and shares ISA platforms
Isas

Best junior stocks and shares ISA platforms

A junior stocks and shares ISA is a great way to save for your child tax-efficiently. But it can be confusing deciding which investment platform to ch…
25 Nov 2022
Share tips of the week – 25 November
Share tips

Share tips of the week – 25 November

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
25 Nov 2022
Investing in a recession: 5 moves investors should make now
Investment strategy

Investing in a recession: 5 moves investors should make now

As we enter a recession, here’s what investors should do with their portfolios.
23 Nov 2022
It’s time to focus on Fuller’s
Share tips

It’s time to focus on Fuller’s

The pub sector has had a torrid two years, but this group is resilient and poised to prosper. We take a closer look at Fuller’s.
21 Nov 2022

Most Popular

Wood-burning stove vs central heating ‒ which is cheapest?
Personal finance

Wood-burning stove vs central heating ‒ which is cheapest?

Demand for wood-burning stoves has surged as households try to reduce their heating costs this winter. But how does a wood burner compare with central…
29 Nov 2022
Fan heater vs oil heater – which is cheaper?
Personal finance

Fan heater vs oil heater – which is cheaper?

Sales of portable heaters have soared, as households look to cut their energy costs. But which is better: a fan heater or an oil heater? We put them t…
21 Nov 2022
Best regular savings accounts – November 2022
Savings

Best regular savings accounts – November 2022

You can earn an attractive rate on the best regular savings accounts. We tell you the best on the market to take advantage of right now
29 Nov 2022