1 September 2006: AIM-quoted copper mining group Weatherly International (WTI) has brought its recently acquired smelter at Tsumeb in Namibia back online after refurbishment of its number one furnace ahead of schedule.
The total rebuild of the furnace should bring this smelter's production up to its full design capacity of 30,000 annual tonnes of copper
Weatherly announced last month that it has signed new contracts to provide supplies of copper concentrates for the smelter. This smelting material will be in addition to the concentrates from Weatherly's own operating mines in Namibia, and potentially its exploration interests in Zambia.
Weatherly CEO Rod Webster said: "We're delighted to bring the furnace back into action ahead of schedule and look forward to building towards full capacity during 2007 both with our own copper concentrates and those from our new suppliers in the Democratic Republic of Congo, Namibia and Zambia."
The furnace at Tsumeb, Namibia, which has been totally rebuilt since Weatherly took over control of Ongopolo's operations in July 2006, started smelting copper concentrate again two days ahead of schedule on 29 August, with the first blister copper produced on 1 September.
The US$2.8 million funding for the smelter's major upgrade came from the US$20 million cash injection that formed part of Weatherly's acquisition of the Namibian company Ongopolo Mining and Processing earlier this year.
Ongopolo also has a second furnace with a capacity of approximately 80,000 tonnes which requires major refurbishment and its future is currently under review.
London Stock Exchange Regulatory News Service Friday, 01/09/06
Holding in Company
Weatherly International plc received notification on 6 September 2006 from RAB Capital plc ("RAB") that the non-beneficial interest in the Ordinary share capital of the Company held by RAB stands at 40,400,000 Ordinary shares of nominal value 0.5 pence each, representing an interest of 11.9%.
As of 8 September, the Company had 339,419,361 shares in issue.
London Stock Exchange Regulatory News Service Friday, 08/09/06,
EZE Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
