Name and Location
Tschudi copper project, Namibia.

Client
Weatherly International.

Project Description
A bankable feasibility study (BFS) on the Tschudi project has indicated a robust project. Tschudi has mineral resources of 50.1-million tonnes at 0.86% copper and a reserve of 22.7-million tonnes at 0.95% copper.

The BFS envisages an openpit mine and an estimated mining rate of 17-million tonnes a year.

The ore will be processed using solvent extraction electrowinning at a rate of 2-million to 2.6-million tonnes a year of ore.

The mine is expected to produce 17 000 t/y over an 11-year mine life.

Value
Initial capital required to develop the project is estimated at $81-million.

Duration
First copper production is expected to start in the second quarter of 2015.

Latest Developments
Weatherly completed its first drawdown under Tranche B ($80 million) of the loan facility provided by Orion Mine Finance for the development of the Tschudi copper project in November this year.

Tranche B is repayable over 6.5 years, with an initial two-year repayment holiday. It will attract an interest rate of 7% over London Interbank Offered Rate (Libor), with Libor set at a minimum of 2%. The company also has a project cost overrun facility of a further $8-million (Tranche C) at its disposal, if required.

Weatherly plans to start with the civil construction and earthworks in the final quarter of this year, with the mining contractor expected to be mobilised to the site by the first quarter of 2014.

Key Contracts and Suppliers
Basil Read Namibia (mining operations); B & E International North (crushing, agglomeration and stacking contract) and Logiman (EPC).

On Budget and on Time?
Not stated.

Contact Details for Project Information
Weatherly International, tel +44 207 917 2989, fax +44 207 439 0262 or email info@weatherlyplc.com.
Basil Read, tel +27 21 946 4664 or fax +27 21 946 4669.
B & E International North, tel +264 63 233 229.
Logiman, tel +27 11 011 9260 or email info@logiman.co.za.