Weatherly International PLC Drawdown of Tranche B of the Tschudi Loan (6334S)
November 11 2013 - 1:00AM
UK Regulatory
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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