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.
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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
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