Weatherly Int Plc: Ezenet Ltd 18,281,200 shares, 4.10%
12 July 2010: HIGHLIGHTS
- Decision taken to proceed with production restart at Otjihase and Matchless
- Production expected at Otjihase in Q1 2011 and at Matchless in Q2 2011
- Life of mine plans verified by independent technical review produced by Coffey Mining
- Average annual production of approximately 7,000 tonnes of copper contained in concentrates over five year period with peak production of over 9,000 tonnes in 2013/14
- Orders placed for long lead time items - significant savings to date versus Coffey mine capital estimates
- Funding requirements fully satisfied by US$7 million offer of funding from Louis Dreyfus Commodities and proceeds from agreed asset sales (US$5.4 million) in Namibia
- Negotiations progressing with four potential local equity partners
- Contract mining model expected to maximise operating efficiencies
ABOUT WEATHERLY Following the sale of its smelter in March 2010 and having repaid its debts, Weatherly is now focussed on the development of its mining assets. This process is starting with Otjihase and Matchless but will continue with the development of the open plan mine at Tschudi. The objective is to develop a copper mining business of sustaining approximately 20,000 tpa of copper production at average industry cost of production for the next ten years. Weatherly is seeking to create value from its other assets which include the Berg Aukas lead zinc mine, the Tsumeb mines and surrounding exploration tenements.
