Weatherly will still meet FY guidance despite production slowdown
JOHANNESBURG (miningweekly.com) – Aim-listed copper mining company Weatherly International has accelerated mining and stacking rates at its Tschudi mine, in Namibia, to compensate for the 24% fall in production rates in April, owing to slower leach rates.
Production rates have already improved in May and June, with the company now reporting that its full-year copper production guidance would remain unchanged at 14 500 t to 15 000 t.
“Investigations continue into whether or not leach rates can be accelerated to match those predicted in the 2012 bankable feasibility study by varying site operating parameters,” the company said in a statement.
Capital construction of the Stage 2 leach pads was also under way and permanent loss of recoverable copper metal, by sealing and overstacking of partially leached ore, is expected to be reduced as a result.
However, the miner warned that it was still unable to generate sufficient surplus cash at current copper prices to fund the leach pad construction capital, plus the additional working capital required for accelerated mining and stacking of slower-leaching ore, as well as all loan repayments to Orion when due.
It, therefore, believes it will need $10-million for working capital.
As such, Orion has agreed to further amendments to the terms of its funding arrangements and has also agreed to enter into a new uncommitted $10-million facility to cover the additional funding requirement.
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