broker buy recommendation on wti Charles-Stanley.co.uk] Subject:...

broker buy recommendation on wti Charles-Stanley.co.uk]

Subject: Weatherly

WTI tipped again our Investors Chronicle, on-line today, published in the U.K. November 10th.

9 November 2006

Namibian boost for Weatherly

Weatherly International’s newly acquired Namibian copper smelter has turned profitable. It is one of only four copper smelters in Africa. Following refurbishment, production from the smelter for September was 2,361 tonnes. At that level profitability looks assured, although the company hopes to improve efficiency and productivity. Just over a quarter of the copper produced originated in Weatherly’s own mines.

We recommended buying Weatherly shares at 18p (28 July 2006). As the market woke up to the Ongopolo deal they hit 25p, although recent weakness at the small end of the market has prevailed and dragged them back to 20p. Still, the outlook for copper remains favourable, and as an integrated producer Weatherly looks well positioned. Still a buy.

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