Weatherly jumps despite concerns

Mining firm Weatherly jumped back in the black in the last year causing its share price to jump too.

The Africa-focused copper firm said it would pay a dividend through an 'in specie' distribution of shares in China Africa Resources worth $1.2m.

It posted pre-tax profits of $14.2m, up from a $1m loss the previous year.

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This came on revenues of $47.6m, up from just $16,000 in 2011.

The company's stock rose 11% despite a very cautious tone to its outlook.

It also said the 5,208 tonnes of copper produced from Central Operations fell short of its target of 7,000 tonnes for the year.

"Considerable uncertainty exists in the world and it is difficult to predict the course of the copper price in the coming year," the firm said.

"Management is therefore focusing on improved performance at its operating mines and the development of a new mine at Tschudi to move the company closer to its stated objective of being a 20,000 tonnes per annum copper producer."