Weatherly International has promised its largest shareholder and debt provider Orion an improved production, amid uncertainties that continue to riddle the company.
“The company will continue to strive to produce returns for Orion and all our stakeholders,” said. John Bryant, Weatherly Chairman.
Bryant applauded the shareholders for the continued to support through a difficult period.
“I hope their faith will be rewarded during the next phase of our development.”
The chairman is optimistic that the improved copper price environment will prop up the company.
“While volatility remains quite high and the outlook uncertain, this is certainly a better position to be operating from than that which the Company has dealt with for some time,” said
Project development review for Weatherly indicates a low-risk and potentially incrementally cash-generative opportunity to commence with its skills development programme at Otjihase and also announced a co-operation agreement with the holder of the nearby Ongombo development prospect.
“The Company also reported plans to investigate the potential for the skills development opportunity to support a longer-term strategic goal of achieving 10-12ktpa of contained copper in concentrate from Otjihase and Matchless at C1 costs below US$2/lb.
“The year began with relatively-flat copper prices around five year lows and with the Tschudi operation addressing groundwater challenges in order to return to nameplate production levels. The strategic focus for Weatherly was clearly set on stabilising Tschudi at nameplate output and conserving cash, while cautiously preparing for better times ahead,” said Craig Thomas, Weatherly Chief Executive Officer