Weatherly International shares boosted on strong fourth quarter result

22nd Jul 2015 11:55

(ShareCast News) - Shares in Weatherly International were up after the company said it would reach full capacity at its Tschudi in Namibia in the final quarter of the year.At 1107 BST shares in the AIM-listed stock were up 10.01% to 1.16p.The mining firm produced positive results out of Nambia in its fourth quarter update to 30 June 2015.Production at its Tschudi project reached more than 50% of design capacity in its first quarter of use to 2,257 tonnes, and acceleration was ahead of schedule.Weatherly said this has risen to 1,000 tonnes per month and will hit a 1,400 peak by the year end.Guidance for 2016 and beyond is for 17,000 tonnes per annum.finnCap retained a 'corporate' rating on the stock and reduced its target price on the stock from 4.2p to 3.2p due to weak copper prices.