Name and Location
Tschudi copper project, Namibia.

Client
Weatherly International.

Project Description
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 bankable feasibility study envisages an openpit mine with an estimated mining rate of 17-million tonnes a year.

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.

Net Present Value/Internal Rate of Return
Not stated.

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

Duration
The project achieved commercial operation status in October 2015.

Latest Developments
The Tschudi mine produced 4 442 t of copper cathode in the quarter ended March 31 –  4% above the mine’s nameplate production rate of 17 000 t/y.

The openpit copper mine achieved nameplate production of 17 000 t/y in December and is considering options to increase processing capacity to 20 000 t/y.

Further, Namibian dollar/US dollar exchange rate movements have assisted the company in keeping its US dollar production costs well below forecast. A focus on productivity and cost discipline by the team on site has also contributed to the “satisfying results” for the quarter.

In December 2015, the company announced an amended agreement with Orion Mine Finance for the Tschudi debt facilities, including certain hedging arrangements to be agreed on between Orion and Weatherly during the third quarter of the 2016 financial year. 

The result of these arrangements to date is that the average price received during the March quarter was $4 742/t. Planned production of about 4 250 t for the June quarter has been presold to Orion at $4 912/t.

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?
The project is ahead of schedule and within budget.

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.