History

Year Event
  • 2016

    In the early part of the year Tschudi continued to excel and record copper production of 1,506 tonnes was achieved in March – 6% above nameplate. However excessive water encountered in the pit led to a decrease in ore supply and subsequently lower copper production during the middle of the year. Remedial action brought the water under control and by the end of 2016 it is expected that copper production will return to nameplate capacity. At the Otjihase Operations the Company is evaluating the potential to restart mining and processing operations, initially at Otjihase mine and concentrator, with a phased development programme to produce 10,000tpa to 12,000tpa of copper in concentrate within two to three years.

  • 2015

    At Tschudi the first ore was stacked on the heap leach pads in January and first LME Grade A copper cathode was produced in February. By December Tschudi reached nameplate capacity of 17,000tpa. In September, due to continued low copper prices, production at the Otjihase Operations was suspended with both mines and the concentrator being placed on care and maintenance and converted to Project Development status.

  • 2014

    Construction of the Tschudi Mine heap leach pads and processing plant commenced early in the year. By mid-year the mining contractor had mobilised to site and waste stripping commenced.

  • 2013

    The Company was granted an Environmental Clearance Certificate for the development of the Tschudi Copper Mine by the Namibian Ministry of Environment and Tourism. Drawdown of the Tschudi loan commenced.

  • 2012

    The Company completed the Bankable Feasibility Study for the Tschudi Project and signed a term sheet with Orion Mine Finance providing 100% debt funding for the project.

  • 2011

    Mining and processing of concentrates was resumed at Otjihase. China Africa Resources (the JV company holding the Berg Aukas asset) was listed on AIM.

  • 2010

    The Company sold the Tsumeb smelter to Dundee Precious Metals, and an additional USD7m loan was negotiated with Louis Dreyfus Commodities, to provide funds to reopen the Otjihase Operations (Otjihase mine & concentrator and Matchless mine). A MOU was signed with ECE to establish a JV company (ECE 65%, WTI 25%, WTI shareholders 10%) to pursue re-development of the Berg Aukas zinc/lead mine in Namibia.

  • 2009

    Toll treatment of concentrates continued and GBP2m was raised via a subscription of 40,468,000 ordinary shares to Dundee Precious Metals to maintain the Company’s cash positon. During the year progress was made on the Tschudi Project with a preliminary pit optimisation study published in December.

  • 2008

    Having achieved record copper production by Q3 the collapse in copper price subsequently forced the Company to close all mining operations by the end of the year. The Tsumeb smelter remained in operation toll treating third party concentrates.

  • 2006

    The Company acquired the insolvent assets of Ongopolo, a Namibian copper producer, with the objective of turning around the performance of the mining and smelting operations with a capital injection.