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Weatherly revises short term production schedule for Tschudi

Last updated: 13:24 19 Mar 2015 EDT, First published: 14:24 19 Mar 2015 EDT

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Copper miner Weatherly International (LON:WTI) posted an operating loss in its latest half year of US$4mln versus a loss of US$1.6mln in the same period in 2013.

Shares in the Namibia-focused firm remain suspended as it continues discussions with Tschudi mine project lender Orion Mine Finance.

First copper was produced in February this year at Tschudi ahead of schdule but there were a number of issues and initial recoveries were lower than expected.

Following a revision of its short-term copper production schedule, it now anticipates that Tschudi will reach its design capacity in the fourth quarter of 2015.

The company has suspended shares until it can quantify the full financial effect of events at Tschudu and  can confirm it has sufficient resources to meet its short term needs and loan repayments.

For the six months to December 31, 2014, the loss before tax was US$5.22mln (2013: loss of US$2.64mln) on revenue of US$22.4mln (2013: US$19.3mln).

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