Tschudi copper 44% complete, on track for Q2 2015 production
JOHANNESBURG (miningweekly.com) – Aim-listed Weatherly International on Monday announced that, as at end April, its Tschudi copper project, in Namibia was 44% complete and on schedule to produce its first copper in the second quarter of 2015.
The company also stated that Tschudi’s financial model had been updated by advisory company Minxcon, resulting in an after tax net present value of $133-million, while the life-of-mine cash cost for the project had been calculated at $4 226/t of copper.
The breakeven price had been calculated at $4 675/t of copper.
According to Minxcon “under the consensus economics forecast for copper prices, the project is robust with an internal rate of return of 89%”.
“It is good to see that 15 months on there has been a reduction in the project's operating costs and an increase in [its] overall value,” Weatherly CEO Rod Webster commented.
Meanwhile, Weatherly also reported that – as a result of ongoing efforts to improve productivity and changes to its underground mining operations, which included moving all mining activity in-house, improving the company’s fleet and moving away from pillar mining towards primary mining – production for the quarter was progressing at an annualised rate of 6 000 t of contained copper.
Costs for the quarter so far were also well below those reported for the previous quarter.
Weatherly operated the Matchless and Otjihase underground copper mines in Namibia.
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