Namibia: Chinese Eye a Stake in Weatherly

16 September 2009

A N$190 million deal, which will buy a Chinese parastatal the majority of the shares in Weatherly International Plc (WTI), will allow the copper producer to reopen its Otjihase and Matchless mines towards the middle of next year.

"The chances are very good that the transaction will go through before the end of January 2010," Weatherly Group Financial Director Kevin Ellis commented yesterday on a letter of intent (LOI), whereby the copper miner will issue 446,8 million shares to East China Mineral Exploration and Development Bureau (ECE) at 3,6 pence per share.

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