LONDON – African copper miner Weatherly International Plc said an independent review showed it could restart operations at two of its mines in Namibia within six months, sending its shares up 17,8 per cent.
Average annual production of about 7 000 tonnes was expected from the mines – Otjihase and Matchless – over five years, the company said.Weatherly, which had shut all four of its copper mines in Namibia in December 2008 due to low prices, recently sold its Tsumeb smelter business to become debt-free. The total operating cost for the two mines was estimated at US$3 258 per ton, considerably lower than that before their closure.Weatherly shares were up 0,45 pence at 2,98 pence on Monday on the London Stock Exchange. – Nampa-Reuters
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