Ongopolo copper smelter profitable

WEATHERLY International, which owns 97 per cent of Ongopolo Mining and Processing Ltd, has announced that its newly rebuilt copper smelter at Tsumeb achieved a profitable level for the month of September – following the takeover and subsequent refurbishment of the smelter.

The furnace reportedly operated close to its monthly capacity of 2 500 tonnes, as throughput was quoted at 2 361 tonnes – of which 832 tonnes came from Ongopolo’s own mines. The Chairman of the AIM-quoted mining group, Wolf Martinick, this week said since taking control of Ongopolo, the company was looking at developing other mineral opportunities in Africa.The company, however, recorded a pre-tax loss of £410 000 (N$3,8 million) for the six months ended June compared to the full financial year ended December 31 2005, which saw a loss of £778 000.The financial year of Weatherly was changed and brought in line with that of Ongopolo, and the full year results of Ongopolo under the new management will be reported on June 30 2007.The Chairman of the AIM-quoted mining group, Wolf Martinick, this week said since taking control of Ongopolo, the company was looking at developing other mineral opportunities in Africa.The company, however, recorded a pre-tax loss of £410 000 (N$3,8 million) for the six months ended June compared to the full financial year ended December 31 2005, which saw a loss of £778 000.The financial year of Weatherly was changed and brought in line with that of Ongopolo, and the full year results of Ongopolo under the new management will be reported on June 30 2007.