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
As at the end of April, Weatherly’s Tschudi copper project was 44% complete and on schedule to produce its first copper in the second quarter of 2015.

Further Tschudi’s financial model has been updated by advisory company Minxcon, resulting in an after tax net present value of $133-million, while the life-of-mine cash cost for the project has been calculated at $4 226/t of copper.

The breakeven price has been calculated at $4 675/t of copper.

According to Minxcon “under the consensus economics forecast for copper prices, the project is robust with an internal rate of return of 89%”.

Meanwhile, Weatherly has also reported that – as a result of ongoing efforts to improve productivity and changes to its underground mining operations, which include moving all mining activity in-house, improving the company’s fleet and moving away from pillar mining towards primary mining – production for the quarter is progressing at an annualised rate of 6 000 t of contained copper.

Costs for the quarter so far are also well below those reported for the previous quarter.

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

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.