https://www.miningweekly.com

Weatherly shares suspended as water ingress at Tschudi creates uncertainty

1st June 2018

By: Anine Kilian

Contributing Editor Online

     

Font size: - +

Aim-listed Weatherly International has requested a suspension in the trading of its shares, effective Friday, owing to the uncertain position of its Namibia-based Tschudi mine, as a result of significant water ingress. 

The Tschudi openpit mine had recently experienced a rapid increase in groundwater inflow rates.

As a result, pumps and pipes within the pit have been moved, on-site standby pumping equipment and pipelines have been installed and additional pumps have also been mobilised to the site.

While water levels have been stabilised, it is not currently possible to assess the length of time required before full mining operations can be recommenced, nor can the full financial impact be assessed.

“Because of this material uncertainty, Orion Mine Finance has confirmed that it is unlikely to permit further drawdowns under the existing uncommitted loan facility with Orion,” the company said in a statement on Friday.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

SBS Tanks
SBS Tanks

SBS® Tanks is a leading provider of innovative water security solutions with offices in Southern Africa, East and West Africa, the USA and an...

VISIT SHOWROOM 
John Deere (Pty) Ltd
John Deere (Pty) Ltd

In 1958 John Deere Construction made its first introduction to the industry with their model 64 bulldozer.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (12/04/2024)
12th April 2024 By: Martin Creamer

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.108 0.144s - 92pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: