Ongopolo in July this year ceded 97% shareholding to AIM-quoted...

Ongopolo in July this year ceded 97% shareholding to AIM-quoted Weatherly Plc signalling a change in fortune to the firm’s operations, which had been plagued by under capitalisation.

“The international copper price, however, continue to be high. The good news is that, things are expected to change for the better at Ongopolo after the new investors took over their 97% stake,” BoN said.

http://www.mineweb.net/whats_new/246243.htm


Weatherly copper confident of ongoing improvement
By: Rodrick Mukumbira
Posted: '08-NOV-06 08:00' GMT © Mineweb 1997-2006

WINDHOEK (Mineweb.com) --Weatherly International PLC may have reported a pre-tax loss of £410,000 for the period from January 1 to June 30 2006, but the company’s fortunes look bright following the acquisition of a copper miner and smelter in July in Namibia.

The loss is however more than half of that of the full financial year ended December 31 2006, which saw a pre-tax loss of £778,000. Loss per share was 0.23 pence compared to 2.22 pence in 2005.

The AIM-quoted mining group owns 97 percent of Namibia’s Ongopolo Mining and Processing Ltd following the reverse takeover of the miner and smelter.

Wolf Martinick, the company’s chairman, said in a statement posted on its website that the newly refurbished copper smelter at Tsumeb, in northern Namibia, achieved a profitable level for the month of September.

He said the furnace operated close to its monthly capacity of 2,500 tonnes, as throughput was quoted at 2,361 tonnes - of which 832 tonnes came from Ongopolo's own mines.

“There is still considerable improvement required to restore mining and smelter production to previous levels and to achieve our new targets. Nevertheless, there is no doubt that we have made an excellent start,” said Martinick.

Refurbishment of the smelter was completed in August, ahead of the September target date and within budget.

The financial results however do not include the impact of the mining group's reverse takeover of the copper miner and smelter; the firm consequently changed its accounting year to end on June 30 and brought it in line with that of Ongopolo.

Martinick said since taking control of Ongopolo, the company was looking at developing other mineral opportunities in Africa.

“Consequently, we are confident of steady and ongoing improvement,” he said.

http://www.mineweb.net/african_renaissance/393563.htmNamibia: Ongopolo Copper Smelter Profitable

The Namibian (Windhoek)

November 3, 2006
Posted to the web November 3, 2006

WEATHERLY International, which owns 97 per cent of Ongopolo Mining and Processing Ltd, has announced that its newly rebuilt copper smelter at Tsumeb achieved a profitable level for the month of September - following the takeover and subsequent refurbishment of the smelter.

The furnace reportedly operated close to its monthly capacity of 2 500 tonnes, as throughput was quoted at 2 361 tonnes - of which 832 tonnes came from Ongopolo's own mines.

The Chairman of the AIM-quoted mining group, Wolf Martinick, this week said since taking control of Ongopolo, the company was looking at developing other mineral opportunities in Africa.

The company, however, recorded a pre-tax loss of £410 000 (N$3,8 million) for the six months ended June compared to the full financial year ended December 31 2005, which saw a loss of £778 000.

The financial year of Weatherly was changed and brought in line with that of Ongopolo, and the full year results of Ongopolo under the new management will be reported on June 30 2007.

http://allafrica.com/stories/200611030382.html