JOHANNESBURG (miningweekly.com) – London-listed Weatherly International has announced updated ore reserves of 24.4-million tons at 0.85% copper for 214 000 t of contained copper metal after mining depletion of 8 000 t at its Tschudi mine, in northern Namibia.
This represented an increase over the revious reserve estimate of 215 650 t of contained copper, it said in an update on Tuesday.
A study had, meanwhile also update cash costs, outlining a 9% decline in life-of-mine (LOM) costs to $3 865/t of copper cathode, while current cash costs for the 2016 fiscal period were expected to be between $4 250/t and $4 350/t.
The upfront capital expenditure requirement was estimated at $1.2-million.
Weatherly was, meanwhile, evaluating expansion opportunities to increase processing capacity from 17 000 t/y to 20 000 t/y which, if implemented, would result in a further reduction in LOM operating costs to $3 785/t.
“As promised in October, we have been able to provide updated LOM cost guidance for Tschudi based on the updated reserve estimate, and we are very pleased to report that these costs have improved by 9% compared with the feasibility study estimates.
“The team we have in place on site are focused on further improving the financial outcomes from the Tschudi project in the year ahead and I am looking forward to updating the market as further information regarding the processing schedule options becomes available,” commented CEO Craig Thomas.