Weatherly posts $2.7m H1 profit
JOHANNESBURG (miningweekly.com) – Weatherly International reported a profit of $2.7-million for the six months ended December 31, 2012 – down significantly from the $13.3-million posted by the copper producer in the comparative period the year before.
“The profit for this period is lower largely as a result of delayed sales and lower copper prices,” CEO Rob Webster said in the company’s interim results statement on Monday.
Weatherly shipped and sold 418 t less copper than it did in the corresponding period the year before at a $330 lower average copper price.
The company delivered 2 608 t of contained copper to port at an average price of $8 497/t, with a cash cost of $5 730/t at Central Operations.
Meanwhile, Weatherly completed a feasibility study for the Tschudi copper project in December, which evaluated an openpit, heap-leach project capable of producing 17 000 t/y of copper over an eleven-year mine life.
“In addition, we signed a term sheet with RK Capital for an $88-million debt facility which covers the funding requirements of the project. The lender's due diligence is well under way, the on-site work has been completed and the loan execution is expected to be concluded in March,” said Webster.
The company would focus on the development of the Tschudi project, which had the capacity to convert Weatherly from a high-cost, underground mining company to a midtier, openpit copper producer with the ability to seek out and develop new opportunities.
“We continue to look at ways to improve productivity and reduce costs at our underground mines as they generate the revenues that will underpin the company's development until Tschudi reaches production,” Webster concluded.
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