WTI - Weatherly International

[evilsatan]

I have had this company on my watchlist for some time now, but because I can't buy under my ISA I put it off. The latest news sounds very interesting though, I am tempted to drop some of my slow holdings but that means I have to remove the cash from an ISA.

[Spennyboy]

Good RNS out today for these guys.

Clear progress report on funding, mines and expectations.

[Roach-Rampino]

Good RNS out today for these guys.

Clear progress report on funding, mines and expectations.

This is a good cheap share IMO. Stick in a few hundred quid at 3p and can't really lose.

[Roach-Rampino]

1/10/2010 1215hrs: 3.95p

[Roach-Rampino]

4th October 2010 0830hrs: Already at 4.25p this morning.

RNS for Final Results Year End June 2010:

http://www.investegate.co.uk/Article...0040700117570T

[Spennyboy]

Someone know something I dont?

Weatherly International Plc ("Weatherly" or the "Company")
Holding in Company

The Company has received notification that, as at 15 October 2010, Matterhorn Investment Management LLP is interested in 65,670,952 ordinary shares of the Company ('Ordinary Shares'), representing approximately 14.72 per cent. of the total issued share capital.

[hxbro]

This one is ticking along nicely, it's in a good position to make lots of cash over the next year or so due to rising copper, silver and gold prices once the mines re-open next year

[super mike]

Someone know something I dont?

Their percentage has gone down, not up.

[Spennyboy]

[QUOTE=super mike;3372453]Their percentage has gone down, not up.

Indeed, but why? Could be something in nothing but when the future looks so bright I always wonder the reason for larger sells, especially when the price has been solid for a little while. We'll see.

Did you get your DPM divi?

[super mike]

Did you get your DPM divi?

I left it a few days before I replied, as I hadn't at the time. A week on I still haven't.

I am not 100% what the hold up is but I believe Natwest (and I assume the other 'holders') have been allocated shares instead of cash and now have to divvy it up properly between everyone.

Did you get yours?

[super mike]

Oh and Matterhorn have let another 8m or so go in roughly a week. Profit taking?

The Company has received notification that, as at 25 October 2010, Matterhorn Investment Management LLP is interested in 57,545,952 ordinary shares of the Company ('Ordinary Shares'), representing approximately 12.90 per cent. of the total issued share capital.

[hxbro]

Anyone still in WTI, it's been on a steady increase recently, I sold out at 5.11 with a nice profit wish I'd have kept it though, currently at 7.6, I just bought back in hopefully this will keep on increasing with the price of copper/gold for when the mines re-open next year.

[super mike]

Yep, I'm in for the long haul hopefully. The price should do nothing but rise until production is confirmed, which should give increasing revenue (especially if the price forecasts of Cu/Au are anything to go by) allowing plenty of money to open the other two mines. Just wish I could afford to buy more when I did.

I am hoping that my buy price will be pretty insignificant by the time it comes to sale time.

[hxbro]

10p fast approaching

[hxbro]

10p went and 11p came this morning, I'm a bit annoyed managed to get another 3k's worth but was going to get 5k, money not in the right account at the right time, means I missed out on the 10% rise!

[hxbro]

back over 11p now, hope this holds, just waiting for ENEG to do it's business and I'll be all in on WTI till it hits 20p+ to walk away with a nice large lump of cash (and a large tax bill!)

[hxbro]

RNS this morning, all good:

Weatherly is pleased to announce that mining activities have resumed at both the Matchless and Otjihase mines, with more than 200 people working at the sites. Ore is being blasted and stockpiled in advance of the concentrator being re-started later in the month for an initial commissioning run.



The Company intends, after the initial commissioning run to debug the plant, to commence normal operations at the concentrator by mid-February. Thereafter production will increase steadily and overall output for calendar year 2011 is expected to be between 4,500-5,000t of contained copper.



Furthermore, Weatherly has signed a Letter of Intent with local contractor BMC to maintain and operate the concentrator and other fixed plant on surface and underground at Otjihase.

I think this will rise steadily now on to 20+ pence, feb should see 25p which is my target.

[super mike]

As well as this, which I am yet to read in full. It is about the deal with ECE regarding Namibia.

Weatherly announces that further to today's announcement of the agreement with ECE, released at 10.30 a.m. under RNS number 3319Z the Company wishes to clarify that following the transfer of the Berg Aukas mine, and concurrent with Admission, Weatherly will distribute 10% of the total issued share capital of CAR to its shareholders as a dividend in specie reducing Weatherly's interest in CAR from 35% to 25%.

The amended version of the announcement is set out in full below.

Weatherly International plc ('Weatherly' or the 'Company')

Agreement with East China Mineral Exploration and Development Bureau
for the development of Berg Aukas
and
Incorporation of China Africa Resources plc



Weatherly is pleased to announce that it has signed a legally binding Implementation Agreement with a wholly owned subsidiary of East China Mineral Exploration and Development Bureau ('ECE') setting out how the two companies will work together to develop Weatherly's Berg Aukas lead/zinc mine in Northern Namibia.

On 12 July 2010, Weatherly announced the signing of a Letter of Intent ('LOI') for this purpose. A comprehensive Implementation Agreement has now been concluded with ECE whereby the two companies have set up a new UK company, China Africa Resources plc ("CAR" or "China Africa Resources"), which is 65% owned by ECE and 35% owned by Weatherly. ECE has already paid one hundred thousand pounds (£100,000) to cover the costs of the first phase of implementation.

Under the terms of this Agreement it is proposed that

- The Berg Aukas mine will be transferred into the new company. The Government of Namibia has now given consent to the transfer of the Berg Aukas mining licence for this purpose.

- Application will be made for the shares of CAR to be admitted to trading on the AIM market of the London Stock Exchange ('AIM' and 'Admission').

- In order for ECE to maintain its interest of 65% in CAR, and concurrent with Admission of the CAR shares, ECE will provide funding of £4.8 million for the transfer of the Berg Aukas mine to CAR.

- Following the transfer of the Berg Aukas mine to CAR and concurrent with Admission, Weatherly will distribute 10% of the issued share capital of CAR its shareholders as a dividend in specie reducing Weatherly's interest in CAR from 35% to 25%.

A detailed programme for admission has now been agreed between the parties with Admission scheduled for Spring 2011.

Following Admission, the first objective of the new company will be to complete a bankable feasibility study for Berg Aukas as a starting point to building a profitable and widely-based resources business.

More details on the business plan for CAR will be published in due course in the Admission Document.

ABOUT BERG AUKAS

The Berg Aukas deposit was originally discovered in 1913 and worked for a short period between 1920 and 1928. In more recent times, the deposit was worked from 1959 until closure in 1978 when annual production reached a rate of around 130,000tpa of ore, producing an array of lead, zinc and vanadium concentrates. Based on historical records in place at the time of closure, the mine reserve was 1.651 million tonnes grading 17% zinc, 5% lead and 0.6% vanadium pentoxide (Misiewicz, 1988).

ABOUT ECE
East China Mineral Exploration & Development Bureau for Non Ferrous Metals ('ECE') was established in 1955 in China and is a Jiangsu Provincial Government subordinate organisation focusing on geological and mineral exploration and development activities. Historically its activities have been principally based in China where it has several operating mines and refining operations and where it conducts extensive exploration activities. ECE has discovered more than 160 ore deposits and has developed several mines including the China Meishan iron mine, Qixia lead-zinc-silver mine and the Fujian Meishan zinc-lead mine.
ECE is actively reviewing opportunities for overseas expansion and has acquired exploration licences and projects in Namibia and Australia as well as reviewing opportunities in Canada, Indonesia, Cambodia, Iran, Nigeria and Chile. As part of its strategy of overseas expansion, ECE completed a transaction in 2009 to acquire an interest of approximately 24.8 per cent in Arafura Resources Limited, an Australian company listed on the Australian Stock Exchange with exploration rights for uranium and various 'rare earth' metals in Australia. In November 2010 ECE also entered into a legally binding strategic partnership with Globe Metals and Mining Limited ("Globe"), an Australian based mining company, to acquire a 51% equity stake. The deal is subject to a number of conditions precedent including the approval of Australia's Foreign Investment Review Board (FIRB). Globe's primary focus is a multi-commodity (niobium, uranium, tantalum and zircon) project in Malawi and has interests in Malawi and Mozambique.
ECE has established a Namibian subsidiary which has been granted a number of exploration licences for copper, base and precious metals in Namibia.

Rod Webster, CEO of Weatherly said:
"I am really pleased that we have been able to create a new Joint Venture Company with ECE in a binding relationship with such exciting possibilities. With our complementary skills and our joint commitment, we can work together to our mutual benefit. We think that China Africa Resources offers an enormous growth opportunity for Weatherly and its shareholders".

Mr Shao Yi, General Director of ECE said
"We are very pleased to be working with Weatherly to develop this new Company, China Africa Resources Ltd, towards an AIM listing on the London Stock Exchange. Berg Aukas is a very good initial project to start building a profitable business.
ECE has recently obtained 18 exploration rights in Namibia, including gold, copper, iron ore, zinc and other mineral assets that cover an area of approximately 7,146 square kilometres. We are planning to inject these assets into China Africa Resources when the exploration is complete."

[hxbro]

Yeah, that came later in the day, looking good free shares, although it means I have to change my investment plan now (I'm shifting some of the debt to a zero percent card to enable me to keep the money) as I'll need to keep shares in WTI till this dividend comes through.

There's still talk of a a seller getting rid of WTI stock which might be what is keeping this down, with 2 lots of good news yesterday this can only go up, and potentially higher than 25p with the new venture on the books

[Roach-Rampino]

22/6/2011: WTI closed at 8.75p today.