Weatherly jumps after lifting production guidance at Namibia mine

14th Sep 2015 09:36

(ShareCast News) - Shares in Weatherly International jumped over 10% early on Monday, after the miner lifted production guidance for its Tschudi mine in Namibia.The London-listed company said production guidance for the current quarter was upgraded by 15% and it now expects to produce 1,150 tonnes of copper metal per month."We maintain our focus on Tschudi and the ramp up has progressed well ahead of schedule. I am pleased to confirm our previous commitment that, before year end, Weatherly will be operating a new 17,000 tonnes of copper metal per annum," said group chief executive Craig Thomas.Meanwhile, the group said the Otjihase and Matchless mines, also located in Namibia, will be converted to project development status, as Weatherly aims to ensure both sites will be able to cope with larger volumes of production in the future."Due to 2015 copper prices reaching the lowest levels in six years, copper production at Central Operations is no longer commercially viable," said Thomas."As a consequence, management has had to implement measures which, in the short term, reduce costs but, in the longer term, look to create a viable future."Weatherly shares were up 10.77% to 0.720p at 0945 BST on Monday.