News

Weatherly swings into profits

26 November 2007 12:43:00

Mining firm Weatherly posted its first profits for the financial year and said outlook for 2008 looked positive.

"The outlook for 2008 is positive for Weatherly. We have a clearly defined production strategy, are fully funded for our immediate growth projects, and will be focusing our attention during 2008 on regional exploration and completing the Berg Aukas and Tschudi Open Pit feasibility studies," it said.

Pre-tax profit for the half-year was $13m compared with the loss of $734,000 last time on revenue that came in at $63.1m compared with nil in the same period last year.

It produced 22,711 tonnes of copper for the financial year ended 30 June 2007.

The group said since its acquisition of Ongopolo assets, it has successfully rehabilitated the mines and refurbished the smelter.

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