Weatherly International

Weatherly International plc is a British mining company which owns several copper mines in Namibia. Its operations include the Matchless mine, Otjihase mine, Kombat mine, and Tschudi mine.

Weatherly International plc
TypePublic limited company
IndustryMetals and mining
Founded2000[1]
ParentEast China Mineral Exploration & Development (50.1%)
SubsidiariesChina Africa Resources Namibia plc (90%)[2]
Websitewww.weatherlyplc.com

In 2006, Weatherly acquired the operations of Ongopolo Mining & Processing Ltd.[3][4] At the time, the company was backed by hedge funds including RAB Capital plc and Matterhorn Investment Management, which together owned about one third of the company.[5]

In 2008, due to declining copper prices, Weatherly closed two of its mines.[6] In 2009, Weatherly sold a controlling stake the company to the East China Mineral Exploration and Development Bureau in order to fund the reopening of their mines.[7][8] In 2010, Weatherly sold the Tsumeb smelter to Dundee Precious Metals Inc.[9] In 2011, Weatherly and East China Mineral Exploration and Development Bureau announced a joint venture named China Africa Resources Namibia to develop the Berg Aukas lead/zinc/vanadium mine, which was previously open from 1959 to 1978.[10][11] This subsidiary was also listed on the Alternative Investment Market. In December 2016, interest in the Berg Aukas mine was returned to shareholders, and the China Africa Resources Namibia changed its name to Pembridge Resources.

Weatherly was traded on the UK Alternative Investment Market for some time, but trading has been suspended since 2015, following news of metallurgical problems at the Tschudi mine.[12] Following deferred loan repayments in March 2018, CEO Craig Thomas announced his resignation from the company.[13] Around this time Weatherly entered insolvency.[1]

As of January 2020, workers at the Tschudi mine expected the mine to close by March due to Weatherly's lack of funds.[14][15]

References
  1. "Two FTI Consulting executives to help Weatherly International with restructuring". Consultancy.africa. 2018-06-06. Retrieved 2022-05-29.
  2. "Weatherly International increases stake in CARN". The Investment Observer. 2018-02-05. Retrieved 2022-05-29.
  3. Namibian, The (2022-05-29). "Weatherly says it has millions for Ongopolo". The Namibian. Retrieved 2022-05-29.
  4. "Weatherly completes Ongopolo acquisition". Mining Journal. 2006-06-30. Retrieved 2022-05-29.
  5. Alistair MacDonald (2006-10-06). "Hedge Funds Investing In Africa's Development". Washington Post. Retrieved 2022-05-29.
  6. "Weatherly shuts Namibian copper mines, retrenches workers". Mining Weekly. 2008-11-19. Retrieved 2022-05-29.
  7. "UPDATE 1-China firm to buy half of Weatherly for $26.8 mln". Reuters. 2009-09-15. Retrieved 2022-05-29.
  8. "Weatherly sells controlling stake to Chinese ECE for £16.1m, looks to reopen mines in Namibia". Proactiveinvestors UK. 2009-09-15. Retrieved 2022-05-29.
  9. "UPDATE 1-Weatherly to sell smelter to Dundee for $33 mln". Reuters. 2010-01-14. Retrieved 2022-05-29.
  10. "China's ECE and Weatherly to jointly develop Berg Aukas". Engineering News. 2011-01-12. Retrieved 2022-05-29.
  11. "M&As this week: Weatherly International, APAC Resources, Zebra Holdings". Mining Technology. 2018-02-09. Retrieved 2022-05-29.
  12. "UPDATE - Weatherly suspended as metallurgy issue hits Tschudi development". Proactiveinvestors UK. 2015-02-17. Retrieved 2022-05-29.
  13. "Weatherly CEO quits". Mining Journal. 2018-04-05. Retrieved 2022-05-29.
  14. "Over 400 jobs at risk at Weatherly Namibia copper mine: union". Reuters. 2020-01-22. Retrieved 2022-05-29.
  15. Namibian, The (2022-05-29). "Mining sector records consecutive profit". The Namibian. Retrieved 2022-05-29.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.