TIDMWTI

RNS Number : 6334S

Weatherly International PLC

11 November 2013

Weatherly International Plc

("Weatherly" or "the Company")

Tschudi Update

Highlights

   --     Drawdown of Tranche B of the Tschudi Loan 
   --     Execution of power supply contract with NamPower 
   --     First copper production from Tschudi targeted for the 2(nd) calendar quarter 2015

Rod Webster, CEO, Commented:

"I am pleased to have concluded our financing deal with Orion, culminating in the drawdown of tranche B of the Orion facility, which will allow us to bring Tschudi into production. We look forward to working with our contractors and partners with the objective of producing our first copper cathode in the second quarter of 2015. This is an important milestone in relation to us achieving our objective of creating a mining business capable of producing 25,000 tonnes of copper per annum "

Tranche B of Orion Loan

The Company has completed its first drawndown under Tranche B (US$80 million) of the loan facility provided by Orion Mine Finance for the development of the Tschudi copper project.

Tranche B is repayable over 6.5 years, with an initial 2 year repayment holiday and attracts an interest rate of 7% over LIBOR, with LIBOR set at a minimum of 2%. The Company also has a project cost overrun facility of a further US$ 8 million (Tranche C) at its disposal, if required.

Tschudi is an open pit, copper mine, with 11 years mine life, producing 17,000 tonnes of copper cathode per annum, at life of mine cash costs of US$4,267/t Cu (US$ 1.94/lb).

Timeline to copper production

The company is targeting first copper from Tschudi in the 2(nd) quarter of calendar year 2015, with the main milestones to production being:

   --     Commencement  of Civils and Earthworks: Q4 2013 
   --     Mobilisation of mining contractor: Q1 2014 
   --     Crushers and agglomeration plant commissioned: Q4 2014 
   --     Completion of first leach pad cells: Q4 2014 
   --     Commencement of Irrigation: Q1 2015 
   --     Commissioning of SW-EX plant : Q1 2015 
   --     First Copper production: Q2 2015

* All dates are calendar year based

NamPower Agreement

The company has executed an agreement with NamPower for the supply of power to the Tschudi plant. The agreement provides for 8 megawatts of installed capacity for the life of mine.

Ground Breaking Ceremony

On the 8(th) of November Tschudi's ground breaking ceremony took place, which was attended by the Honourable Minister Isak Katali, MP Ministry of Mines and Energy for Namibia, Governor Penda Ya Ndakolo, the Regional Governor for Oshikoto Region and representatives from Weatherly.

About Weatherly

Weatherly is an AIM listed, copper focused mining company, the principal assets of which are located in Namibia. It currently has two producing copper mines (Otjihase and Matchless), and is developing the Tschudi Copper Project. These assets will enable Weatherly to achieve its medium term strategy of establishing a copper mining business capable of sustaining approximately 25,000tpa of copper production. The Company also has a 25% stake in an AIM listed company, China Africa Resources Plc (CAR), which is currently focused on the development of the lead/zinc project at Berg Aukas in Northern Namibia.

For further information please contact:

   Weather International Plc                                                +44 (0) 20 7917 2989

Rod Webster, Chief Executive Officer

Rolf Gerritsen, Senior Executive

   Numis Securities Limited                                                  +44 (0) 20 7260 1000

John Prior

James Black

Jon Loubser

Shore Capital +44 (0) 20 7468 7964

Jerry Keen

Toby Gibbs

This information is provided by RNS

The company news service from the London Stock Exchange

END

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