GLNCY Glencore Plc (PK)

By Alex MacDonald

LONDON--Shares in Weatherly International PLC (WTI.LN) rose Monday after the Namibian copper miner raised its copper output target from its Tschudi mine, but suspended output from its Otjihase and Matchless mines in Namibia due to low copper prices.

The U.K.-listed miner said copper output from the ramp-up of its Tschudi mine has exceeded expectations, prompting it to raise the mine's copper production guidance for this quarter by 15% to 1,150 tons of copper metal a month, compared with 1,000 tons previously. Weatherly aims to produce 17,000 tons of copper metal annually from Tschudi's open pit mine once it has fully ramped up.

By contrast, the miner said it has suspended copper production at its Otjihase and Matchless mines, with a view to restarting them at expanded production rates and lower costs once copper prices recover. Copper dropped to more than a six-year low on Aug, 28, but has since recovered 8% to $5,330 a metric ton.

Weatherly is placing those two central operations under project development status to expand their production capacities while copper prices remain low.

U.K.-listed commodities trader and producer Glencore PLC (GLEN.LN) last week also said it would shut down two loss making copper mines in Africa to carry out cost-cutting projects that are forecast to be completed in the first half of 2017.

Weatherly's shares rose 11.5% to 0.725 pence a share, resulting in a market capitalization of GBP7.7 million or $12 million.

Write to Alex MacDonald at alex.macdonald@wsj.com

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(END) Dow Jones Newswires

September 14, 2015 03:49 ET (07:49 GMT)

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