Weatherly Produced 1,470 Tonnes Copper in 4Q; Tschudi Study This Year

Oct 12, 2012 (Dow Jones) LONDON--Weatherly International PLC (WTI.LN), a Namibia-focused copper miner, reported Friday that its production in the fourth quarter was 6,499 tonnes of copper concentrate containing 1,470 tonnes of copper, adding that the Tschudi feasibility study is progressing well, with an expected delivery date before the end of the year.

Main Facts:
-Central Operations produced 572 tonnes of copper in concentrate in September

-Says these levels of production should be improved upon again in the 1Q13 with unit costs reducing accordingly; will put the company in a strong position in the lead up to the funding of the Tschudi project

-Cash costs for Sept. $5,282/t copper with a total for the quarter of $5,887/t copper.

-Sept. 30 cash at bank $7.2 million equivalent

-Reduced working capital loan with Louis Dreyfus to $4.8 million, having made loan repayments of $1.1 million in the quarter

-Forward contracts over 3,600 tonnes copper at an average price of $8,036 /t

-Shares closed Thursday at 4 pence valuing the company at GBP19 million.