Weatherly narrows interim loss
JOHANNESBURG (miningweekly.com) - With a continuing upward trend in the copper price in 2017, Namibia-focussed Weatherly International narrowed its loss for the six months to December 31 to $5.9-million, compared with a loss of $11.2-million in the six months to December 2016.
Revenue after royalties for the six-month period as $47.7-million, 26% higher than in the comparable period in 2016, reflecting the increase in copper price.
Weatherly had unrestricted cash as at December 31 last year of $3.4-million, with a further $3.8-million received on January 3 this year, against inventory shipped to port, compared with $6.3-million as at June 30, 2017.
The company also generated $3-million of operating cash flow after an increase in inventory of $5.5-million.
Meanwhile, the company's Tschudi mine produced 8 844 t of copper cathode in the six months to December 31, with the mine having experienced a "particularly strong" second quarter, during which it produced 4 739 t of copper cathode - 11.5% above nameplate capacity.
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