TIDMWTI
RNS Number : 8296A
Weatherly International PLC
08 February 2011
Weatherly International Plc ("Weatherly" or the "Company")
Central Operations Update and Investor Relations Presentation
Central Operations
As previously announced on 12 January 2011, mining activities have resumed at both the Otjihase and Matchless mines with ore being blasted and stockpiled awaiting commissioning of the concentrator. The commissioning of the concentrator is progressing well and the plant will resume normal operation in accordance with the programme. Weatherly expects to have sufficient quantities of concentrate to commence transport to Walvis Bay in March with the first revenues to be realised from concentrate sales shortly thereafter.
Both the Matchless ore haulage and Otjihase concentrate haulage contracts have been awarded to local company, Kraft Holdings, which now completes the award of all outstanding major contracts.
Forward Sales of Copper
Further to the previous announcement on 14 January 2011, Weatherly announces that its wholly owned subsidiary, Ongopolo Mining Limited ('Ongopolo'), has entered into an additional forward sales contract with Louis Dreyfus Commodities Metals Suisse S.A. ('Louis Dreyfus Commodities').
Weatherly has contracted with Louis Dreyfus Commodities for an additional 950 tonnes of contained copper to be delivered progressively over a 17 month period commencing in May 2011 at a fixed price of US$9 750/tonne. In total, Weatherly has therefore contracted forward sales for a total of 1,925. This represents approximately 20% of anticipated production over the period covered by the two contracts.
Investor Relations Presentation
Weatherly is pleased to provide shareholders with the Company's latest presentation which is being made available today at the Mining Indaba conference in Cape Town, South Africa.
To view the full presentation, please paste the following link into your web browser:
http://www.rns-pdf.londonstockexchange.com/rns/8296A_1-2011-2-7.pdf
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