AIM-listed Weatherly International has restarted the process of reviewing its strategic options following the appointment of Simon Kirkhope and Andrew Johnson of FTI Consulting as joint administrators of the company in June 2018.
This follows the implementation of a recovery plan for its Tschudi copper mine in Namibia, following significant water ingress on 11 May 2018 – which is expected to restore normalised production levels at Tschudi by December 2018.
Since the appointment of the joint administrators in June, there have been material improvements to the dewatering capabilities and a strategy enabling stable path to growth has been implemented.
The strategic review process is being led by financial advisors Numis Securities and Treadstone Resource Partners, and the scope of the options being considered by Weatherly include, but are not limited to, the sale of certain subsidiaries of Weatherly, or the disposal of certain assets of the company.
In addition to the Tschudi mine in Namibia, Weatherly also has the Otjihase and Matchless mines (together, Central Operations) which were placed on care and maintenance in September 2015 as well as the Berg Aukas zinc-lead-vanadium project, located near Tsumeb, also in Nambia.
Parties with an interest in making a proposal should contact Numis or Treadstone.