(WTI.L) Weatherly International PLC Buy/Sell

RNS Number : 6080I Weatherly International PLC 15 March 2010

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

1. Identity of the issuer or the underlying WEATHERLY

issuer of existing shares to which voting rights INTERNATIONAL PLC are attached:

2 Reason for the notification(please tick the appropriate box or boxes):
X

An acquisition or disposal of voting rights An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments An event changing the breakdown of voting rights Other (please specify):

3. Full name of person(s) MORGAN STANLEY
subject to the notification (INSTITUTIONAL
obligation: SECURITIES GROUP AND

4. Full name of shareholder(s)(if different from 3.):
5. Date of the transaction and 11.03.10

date on which the threshold is crossed or reached:
6. Date on which issuer 15.03.10

notified:
7. Threshold(s) that is/are 5%

crossed or reached:

8. Notified details: A: Voting rights attached to shares
Class/type of Situation previous Resulting situation after the triggering transaction
shares to the triggering
transaction

if possible using the ISIN CODE
Number Number Number Number of voting % of voting
of of of shares rights rights
Shares Voting
Rights
Direct Direct Indirect Direct Indirect

23,800,000 23,800,000 22,000,000 22,000,000
4.93%

B: Qualifying Financial Instruments Resulting situation after the triggering transaction
Type of financial Expiration Exercise/ Number of voting % of voting
instrument date Conversion rights that may be rights
Period acquired if the
instrument is
exercised/
converted.

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction
Type of financial Exercise Expiration Exercise/ Number of voting % of voting rights
instrument price date Conversion rights instrument
period refers to
Nominal Delta

Total (A+B+C) Number of voting rights Percentage of voting rights
22,000,000 4.93%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable:
Morgan Stanley Securities Ltd 22,000,000 4.93%

Proxy Voting: 10. Name of the proxy holder: 11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights:

13. Additional information:
14. Contact name: DAVID LINDSAY

15. Contact telephone number: 020 7677 5468

This information is provided by RNS The company news service from the London Stock Exchange

HOLQELFFBXFXBBL

RNS Number : 4397I Weatherly International PLC 11 March 2010

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

Results of General Meeting

A general meeting of the Company (the 'General Meeting') was held earlier today to consider the sale of Namibia Custom Smelters Pty Limited and the transfer of certain associated assets to Dundee Precious Metals Inc ('Dundee') (the 'Disposal') and the approval of a reduction in capital process to create distributable reserves to facilitate the in specie distribution of Dundee shares issued to the Company as consideration for the Disposal and any future return of value to shareholders.

The Company is pleased to announce that all resolutions proposed at the General Meeting were approved by shareholders.

The Disposal remains conditional inter alia upon the approval of the holders of the Company's outstanding convertible loan notes, which approval is expected shortly.

For further information please contact:

Rod Webster, Chief Executive Officer Weatherly International Plc

+44 (0) 20 7917 2989

Richard Greenfield, Ambrian Partners Limited

+44 (0) 20 7634 4710

This information is provided by RNS The company news service from the London Stock Exchange

ROMEAFDFFSPEEFF

RNS Number : 4024I Weatherly International PLC 10 March 2010

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

1. Identity of the issuer or the underlying WEATHERLY
issuer of existing shares to which voting INTERNATIONAL PLC

rights are attached:

2 Reason for the notification(please tick the appropriate box or boxes):
X

An acquisition or disposal of voting rights An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments An event changing the breakdown of voting rights Other (please specify):

3. Full name of person(s) JOHN BRYANT
subject to the notification (NON-EXECUTIVE DIRECTOR
obligation: OF WEATHERLY

4. Full name of N/A

shareholder(s)(if different from 3.):
5. Date of the transaction and 10 MARCH 2010

date on which the threshold is crossed or reached:
6. Date on which issuer 10 MARCH 2010

notified:
7. Threshold(s) that is/are 3%

crossed or reached:

8. Notified details: A: Voting rights attached to shares
Class/type of Situation previous Resulting situation after the triggering transaction
shares to the triggering
transaction

if possible using the ISIN CODE
Number Number Number Number of voting % of voting
of of of shares rights rights
Shares Voting
Rights
Direct Direct Indirect Direct Indirect
482,500 482,500 482,500 482,500 237,833,367 0.1% 53.3%

B: Qualifying Financial Instruments Resulting situation after the triggering transaction
Type of financial Expiration Exercise/ Number of voting % of voting
instrument date Conversion rights that may be rights
Period acquired if the
instrument is
exercised/
converted.

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction
Type of financial Exercise Expiration Exercise/ Number of voting % of voting rights
instrument price date Conversion rights instrument
period refers to
N/A Nominal Delta

Total (A+B+C) Number of voting rights Percentage of voting rights
238,315,867 53.4%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable:

Proxy Voting:
10. Name of the proxy holder: JOHN BRYANT

11. Number of voting rights 237,833,367

proxy holder will cease to hold: 12. Date on which proxy holder AT THE CONCLUSION OF THE GENERAL MEETING
will cease to hold voting OF THE COMPANY TO BE HELD AT 11AM ON 11
rights: MARCH 2010 ON ANY ADJOURNMENT THEREOF

13. Additional information: Change in disclosed voting rights represents
the maximum number of proxies being held by a
Non-Executive Director of Weatherly
International plc pursuant to proxies received
in respect of resolutions to be proposed at
the General Meeting of the Company to be held
on 11 March 2010. The voting rights will lapse
immediately upon the conclusion of the General
Meeting. Shareholders are still entitled to
vote in person at the General Meeting even if
they have submitted a proxy.
14. Contact name: Max Herbert, Company Secretary

15. Contact telephone number: 020 8917 2989

This information is provided by RNS The company news service from the London Stock Exchange

HOLDBLFFBXFFBBV

RNS Number : 2889I Weatherly International PLC 09 March 2010

9 March 2010

Weatherly International plc

("Weatherly" or the "Company")

Unaudited interim financial statementsfor the period from 1 July 2009 to 31 December 2009

Weatherly International plc today announces its unaudited interim results for the six months ended 31 December 2009.

For further information contact:

Rod Webster, Chief Executive Officer Weatherly International +44 (0)207 868 2232

Max Herbert, Company Secretary

Richard Brown Ambrian Partners Limited +44 (0)207 634 4700

Richard Greenfield

Summary highlightsfor the six months ended 31 December 2009

Financial

· Turnover of US$21.4 million on a toll basis
· Cash at bank US$1.8 million as at 31 December 2009
· Net assets of US$11.5 million as at 31 December 2009

Corporate and operational

· Post 31 December 2009 agreement for sale of the smelter business to Dundee Precious Metals Inc ('DPM') for US$33 million.

· All mining operations continued in care and maintenance.

· Detailed proposals being developed for reopening mines.

Post Completion of Sale of NCS

· Cash in bank of approx US$11m and further cash receipts of $2m from agreed sales of non core assets.(in total approximately 1.9p per ordinary share)
· Focus on plans to reopen Otjihase and Matchless and development of Tschudi Open pit.
· DPM Shares are to be distributed to Shareholders in two dividends in specie with an aggregate value of 0.8p per ordinary share.

Chairman's statement

Results for the half year

I am pleased to present the half year unaudited results for Weatherly International Plc for the period from June 30th 2009 to 31st December 2009. During this period Weatherly's main operating business was that of the smelter at Tsumeb operated by the wholly owned subsidiary Namibian Custom Smelters (Pty) Ltd, ('NCS'). Following the period end we have now contracted to sell NCS and associated assets to DPM with completion set for shortly after the general meeting of the Company to be held on 11 March 2010.

The smelter was transformed into a toll smelter in January 2009. Since then revenue has only been on a toll basis and has been reduced to US$21.4 million in the half year. The smelter performed well considering that the Ausmelt furnace only operated in 'interim' mode while awaiting the commissioning of the oxygen plant. The smelter operating cost also includes a full 'mark to market' of the precious metals exposures (actual versus contractual recoveries) as a pre-condition of the subsequent purchase of the smelter by DPM. (Offsetting consideration of approximately US$5 million is built into the purchase price).

Our mines have been on care and maintenance since December 2008 which has resulted in costs in the 6 months under review of US$1.3 million. Depreciation of property plant and equipment amounted to US$1.6 million resulting in total costs in the Mining segment of US$2.9 million. All care and maintenance costs are expensed in the period in which they are incurred until such time as a decision is made to reopen the mines.

Corporate costs amounted to US$1.5 million, resulting in a gross operating loss of US$10.5 million.

Issue of Equity

On 31 July 2009, Weatherly concluded a placement of 40,468,000 ordinary shares (approximately 9% of the enlarged issued share capital) to DPM to raise proceeds of US$2 million. The placement proceeds were applied to NCS and used to complete the construction of a new residue disposal site and working capital.

Letter of Intent with ECE

On 15 September 2009, the company announced that it had signed a Letter of Intent ('LOI') with East China Mineral Exploration and Development Bureau ('ECE') whereby a wholly owned subsidiary of ECE was to subscribe for 446,851,840 new shares in the company at a price of 3.6 pence per share, for total proceeds of approximately £16.1 million and resulting in ECE being interested in approximately 50.1% of the Company's enlarged issued share capital.

Following the announcement of the disposal of the smelter business to DPM, the LOI with ECE was no longer capable of being fulfilled and was terminated. While the Directors considered that a strategic relationship with ECE could have benefited the Company, the disposal of the smelter business to DPM provides the Company with the funding it requires without the issue of new equity and a change of control and was considered to represent better value for shareholders.

Sale of Smelter Business

On 14th January 2010 Weatherly International plc announced its intention to sell the smelter business to DPM and the Company entered into a conditional sale and purchase agreement with DPM on 26th February 2010. This transaction is subject to shareholder approval at a meeting convened for 11th March 2010 and is expected to complete shortly thereafter. Pursuant to the sale and purchase agreement, Weatherly is to sell NCS together with certain associated property and assets owned by Ongopolo Mining and Processing Limited for consideration of US$18 million cash and 4,446,420 new common shares in DPM ('DPM Shares').

Immediately upon completion of the Disposal, US$5 million of the cash consideration and 2,678,571 DPM Shares will be delivered to the holders of the Company's convertible loan notes to redeem those loan notes in full together with accrued interest. The loan notes have a face value of US$12 million and accrued interest stood at approximately US$2.2 million as at 31 January 2010.

The balance of the share based consideration of 1,767,849 DPM Shares will be distributed to shareholders appearing on the Company's register of members on 19 March 2010 through the payment of two dividends in specie of approximately 0.002 DPM Shares per Weatherly ordinary share, payable on 20 September 2010 and 21 March 2011.

Outlook for restart of mining operations

Following the sale of NCS Weatherly will have cash resources of approximately US$11 million with further cash receipts of approximately US$2 million expected from agreed non-core real estate and equipment sales in Namibia.

We have significant copper mining assets in Namibia and our immediate strategy will be to to reactivate mining at the Central Operations (Otjihase and Matchless) followed by the development of an open pit at Tschudi, near the northern town of Tsumeb. Preliminary discussions are underway to finance both these projects.

On 15 December 2009, the Company announced the completion of a new five year mine plan for the Otjihase and Matchless mines currently on care and maintenance. The new plans incorporate substantial changes in the way the mines are to be operated, in particular a much reduced workforce that would be newly recruited and trained for the task. Hedging to protect against future downturns in the copper price, and the likely involvement of a local empowerment partner would also be key elements in ensuring a sustainable future operation. Once these are in place, Otjihase and Matchless could be brought back into production within six months. Coffey Mining (SA) were engaged to carry out an independent review and evaluation which is expected to be announced shortly.

At Tschudi, the plan would be to establish a medium scale open pit with a strike length of approximately two kilometres and a depth of around 180 vertical metres. Based on a report by Coffey Mining (SA) in November 2009, this pit would contain a measured and indicated resource of 25.2 million tonnes grading 0.92 per cent. Cu. All ore, both oxides and sulphides, contained within the pit is amenable to simple low cost acid leaching and electro-winning to recover the copper.

On 16 December 2009, the Company announced the publication of a preliminary pit optimisation study prepared in conjunction with Coffey Mining Pty Ltd. This study concluded that a number of economically viable pits could be established and recommends that further work should be performed to firm up the optimum mine design, metallurgical route and associated capital and operating costs. The Company intends to initiate the feasibility work as soon as the Disposal has completed. Assuming the results are positive, and funding is available, the Company believes that it could establish an operation producing more than 10,000 tonnes of copper per annum for at least 10 years. It is hoped that a concurrent exploration program further along strike will increase the size of the resource and extend the mine-life. Work on the pit could commence within 12 months.

Weatherly has a number of other mining assets and a significant portfolio of real estate in Namibia. It is the Company's intention to either divest these assets or enter into joint venture arrangements to maintain focus on the development of the Otjihase/Matchless and Tschudi projects. Weatherly, through its partner, Wadi Al Rawda Industrial Investments, is also continuing to pursue its rights in securing the Tambao manganese project in Burkina Faso.

Going concern

On the basis of its assumptions and current projections of expenditure the Directors consider that the Group will continue to operate within its currently available funds for at least the next 12 months and that it is appropriate to prepare the financial statements on the Going Concern basis. The Directors also note that to implement fully its strategy to put the three mines into production it may need to raise further funds.

Rod Webster

9 March 2009

Condensed consolidated statement of comprehensive income

for the period from 1 July 2009 to 31 December 2009
6 months to 6 months to Year ended
31 Dec 2009 31 Dec 2008 30 June 2009
Note US$'000 US$'000 US$'000
Unaudited Unaudited Audited

Revenue 21,417 77,259 108,517
Cost of sales (28,648) (88,789) (124,707)

Gross loss (7,231) (11,530) (16,190)

Other income 3 323 8,082 8,150
Administrative expenses (3,618) (4,596) (12,800)
Profit/ (Loss) on sales of 7 - (1,152)

assets
Fair value movement on 3 (2,994) (2,760)

investments
Impairment of assets - - (495)

Operating loss (10,516) (11,038) (25,247)

Foreign exchange loss (26) (1,741) 460
Finance costs 4 (2,103) (2,695) (5,987)
Finance income 2 36 48

Loss before tax (12,643) (15,438) (30,726)

Income tax expense - - -

LOSS FOR THE PERIOD (12,643) (15,438) (30,726)

Other comprehensive income
Exchange difference on 1,603 (5,668) (2,171)

translating foreign operations
Fair value movement on - (5,762) (4,760)

investments
Income tax relating to - - -

components of other comprehensive income
Other comprehensive income for 1,603 (11,430) (6,931)

the period net of tax
TOTAL COMPREHENSIVE INCOME FOR (11,040) (26,868) (37,657)

Loss attributable to:
Owners of the Parent (12,643) (15,467) (30,767)
Non controlling interests - 29 41

(12,643) (15,438) (30,726)

Total comprehensive income attributable to:
Owners of the Parent (11,040) (26,897) (37,698)
Non controlling interests - 29 41

(11,040) (26,868) (37,657)

Loss per share
Basic (US cents per share) 8 (2.88) (3.87) (7.59)
Diluted (US cents per share) 8 (2.88) (3.87) (7.59)

Condensed consolidated statement of financial position

as at 31 December 2009

As at As at As at
31 Dec 2009 31 Dec 2008 30 June 2009
Note US$'000 US$'000 US$'000
Unaudited Unaudited Audited

Assets Non-current assets
Property, plant and equipment 6 53,524 54,019 51,524
Investment properties - 1,078 -
Intangible assets 20 1,800 34
Investments 263 819 260

53,807 57,716 51,818

Current assets
Inventories 2,668 16,599 1,880
Trade and other receivables 4,568 4,438 5,402
Cash and cash equivalents 1,846 3,530 2,048

9,082 24,567 9,330
Assets held for resale 7 1,961 - 2,368
11,043 24,567 11,698

Total assets 64,850 82,283 63,516

Current liabilities
Trade and other payables 24,079 27,705 14,433
Deferred revenue - 1,385 -
Unsecured creditors subject to 3,118 1,712 2,933

a compromise on acquisition
Loans 7,000 - 7,000

34,197 30,802 24,366

Non-current liabilities
Unsecured creditors subject to 1,900 948 1,788

a compromise on acquisition
Loans 17,260 19,773 17,051

19,160 20,721 18,839

Total liabilities 53,357 51,523 43,205

Net assets 11,493 30,760 20,311

Equity
Issued capital 5,527 3,520 3,527
Share premium reserve 71,729 71,729 71,729
Merger reserve 18,471 18,471 18,471
Capital redemption reserve 454 454 454
Share-based payments reserve 1,635 1,080 1,413
Other reserves (469) (1,471) (469)
Foreign exchange reserve (8,003) (13,103) (9,606)
Retained earnings (77,851) (49,908) (65,208)

Equity attributable to 11,493 30,772 20,311

shareholders of the parent company
Non controlling interests - (12) -

11,493 30,760 20,311

Condensed consolidated statement of changes in equity

for the period from 1 July 2009 to 31 December 2009

Issued capital Share premium Merger reserve Capital redemption Share-based payment Translation of Other reserve Retained earnings Subtotal Non controlling Total equity
reserve reserve foreign operations interests
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
$,000 $,000 $,000 $,000 $,000 $,000 $,000 $,000 $,000 $,000 $,000
At 1 July 2008 3,519 71,702 18,471 454 775 (7,435) 4,291 (34,441) 57,336 (41) 57,295
Issue of shares 1 27 - - - - - - 28 - 28
Share-based payments - - - - 305 - - - 305 - 305
Total comprehensive income for - - - - - (5,668) (5,762) (15,467) (26,897) 29 (26,868)

the period
At 31 December 2008 3,520 71,729 18,471 454 1,080 (13,103) (1,471) (49,908) 30,772 (12) 30,760
Issue of shares 7 - - - - - - - 7 - 7
Share-based payments - - - - 333 - - - 333 - 333
Total comprehensive income for - - - - - 3,497 1,002 (15,300) (10,801) 12 (10,789)

the period
At 30 June 2009 3,527 71,729 18,471 454 1,413 (9,606) (469) (65,208) 20,311 - 20,311
Issue of shares 2,000 - - - - - - 2,000 - 2,000
Share-based payments 222 222 222
Total comprehensive income for - - - - - 1,603 - (12,643) (11,040) - (11,040)

the period

At 31 December 2009 5,527 71,729 18,471 454 1,635 (8,003) (469) (77,851) 11,493 - 11,493

Condensed consolidated cash flow statement

for the period from 1 July 2009 to 31 December 2009
6 months to 6 months to Year to
31 Dec 2009 31 Dec 2008 30 June 2009
US$'000 US$'000 US$'000
Note Unaudited Unaudited Audited

Cash flows from operating activities
Loss for the period (12,643) (15,438) (30,726)

Adjusted by:
Depreciation and amortisation 2,818 3,219 6,475
Share-based payment expenses 222 305 638
(Profit)/loss on sale of (7) - 1,152

assets
Loss on sale of EML shares - - 318
Impairment of assets - - 495
Deferred revenue released to - (4,944) (4,944)

profit and loss
Fair value adjustment on (3) 2,994 2,760

financial instruments
Finance costs 4 2,103 2,695 5,987
Finance income (2) (36) (48)

(7,512) (11,205) (17,893)

Movements in working capital
(Increase)/decrease in (788) (7,820) 6,899

inventories
(Increase)/decrease in trade and other receivables 834 18,592 18,378
Increase/(decrease) in trade 7,162 (5,556) (23,671)

and other payables
Net cash used in operating (304) (5,989) (16,287)

activities Cash flows used in investing activities
Interest received 2 36 48
Payments for intangibles, property, plant and (1,699) (3,198) (2,237)

equipment
Proceeds from sales of property, plant and equipment 544 - 5,999
Proceeds from sale of EML - - 1,477

shares
Net cash used in investing (1,153) (3,162) 5,287

activities Cash flows from financing activities
Proceeds from issue of equity 5 2,000 - 35

shares
Receipts from loans 11,582
Financing of creditors - (913) (1,112)

compromise on acquisition
Interest and finance charges (793) (1,719) (2,944)
Proceeds from convertible note - 750 -
Proceeds from loans - 5,004 -

Net cash from financing 1,207 3,122 7,561

activities
Decrease in cash (250) (6,029) (3,439)

Reconciliation to net cash
Cash at beginning of period 2,048 5,385 5,385
Decrease in cash (250) (6,029) (3,439)
Foreign exchange gains 48 4,174 102

Net cash at end of period 1,846 3,530 2,048

Cash at bank 1,846 3,530 2,048

Net cash at end of period 1,846 3,530 2,048

Notes to the condensed consolidated financial statements

for the period 1 July to 31 December 2009

1. a. Basis of preparation

These interim condensed consolidated financial statements are for the six months ended 31 December 2009. They do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the Group for the year ended 30 June 2009. The information for the year ended 30 June 2009 does not constitute all the information required for annual statutory accounts at that date.

These financial statements have been prepared under the historical cost convention, except for revaluation of certain properties and financial instruments.

These condensed consolidated interim financial statements (the interim financial statements) have been prepared in accordance with the accounting policies adopted in the last annual financial statements for the year to 30 June 2009 except for the adoption of IAS 1 Presentation of Financial Statements (Revised 2007) and IFRS 8 Operating Segments.

The adoption of IAS1 (Revised 2007) does not affect the financial position or profits of the Group, but gives rise to additional disclosures. The measurement and recognition of the Group's assets, liabilities, income and expenses is unchanged however some items that were recognised directly in equity are now recognised in other comprehensive income, for example exchange differences on translating foreign operations. IAS 1 (Revised 2007) affects the presentation of owner changes in equity and introduces a statement of comprehensive income.

In the previous annual and interim financial statements, segments were identified by reference to the dominant source and nature of the group's risks and returns. Under IFRS 8 the accounting policy for identifying segments is now based on the internal management reporting information that is regularly reviewed by the chief operating decision maker. There is no change in the segments reported as a result of the way segments are identified.

The accounting policies have been applied consistently throughout the Group for the purposes of preparation of these condenses consolidated interim financial statements.

b. Nature of operations and general information

Weatherly International plc and its subsidiaries' ("the group") principal activities include the mining, smelting and sale of copper.

Weatherly International plc is the group's ultimate parent company. It is incorporated and domiciled in the United Kingdom. The address of Weatherly International plc's registered office, which is also its principal place of business, is 180 Piccadilly, London W1J 9HF. The company's shares are listed on the Alternative Investment Market of the London Stock Exchange.

Weatherly International's consolidated interim financial statements are presented in United States dollars (US$), which is also the functional currency of the parent company.

These consolidated condensed interim financial statements have been approved for issue by the Board of Directors on 28th February 2010.

The financial information for the period ended 31st December 2009 set out in this interim report does not constitute statutory accounts as defined by the Companies Act 2006. The Group's statutory financial statements for the year ended 30th June 2009 have been filed with the Registrar of Companies. The auditors report on those financial statements were modified by the inclusion of an emphasis of matter.

2. Segmental reporting

Business segments

The Board receives and reviews reports from each of its operating companies. Ongopolo Mining Ltd is a mining company and Namibian Custom Smelters is a smelting company. Two operating segments are identified, mining and smelting under IFRS 8. While the basis of segmentation has changed under IFRS 8 compared to that reported in the June 2009 Annual Financial Statements under IAS 14 (reporting segments are now based on operating segments, whose operating results are regularly reviewed by the company's board Chief Operating Decision Maker) the segments reported are unchanged from those previously reported and no reconciliations to the previous segments are necessary.

Basis for inter-segment transfer price: the transfer price is a third party arms length price based on the London Metals Exchange price, calculated by the percentage of copper in concentrate.

Segment information about these businesses is presented below.

6 months to 31 December 2009
Mining Smelting Eliminations Consolidated

By business US$'000 US$'000 US$'000 US$'000

Sales and other operating revenues
External sales 148 21,269 - 21,417
Inter-segment sales - - -

Segment revenues 148 21,269 - 21,417

Mining Smelting Consolidated
US$'000 US$'000 US$'000

Segmental loss before tax (2,860) (6,214) (9,074)

Unallocated corporate expenses (1,468)
Interest expense (2,103)
Interest income 2

Net loss before tax (12,643)

Segment assets 50,016 11,147 61,163
Unallocated Corporate assets 3,687

Total assets 64,850

6 months to 31 December 2008
Mining Smelting Eliminations Consolidated

By business US$'000 US$'000 US$'000 US$'000

Sales and other operating revenues
External sales 77,259 - 77,259
Inter-segment sales 14,827 - (14,827) -

Segment revenues 14,827 77,259 (14,827) 77,259

Mining Smelting Consolidated
US$'000 US$'000 US$'000

Segmental loss before tax (9,171) (1,154) (10,325)

Unallocated corporate expenses (2,454)
Interest expense (2,695)
Interest income 36

Net loss before tax (15,438)

Segment assets 44,482 23,913 68,395
Unallocated Corporate assets 13,888

Total assets 82,283

12 months to 30 June 2009
Mining Smelting Eliminations Consolidated

By business US$'000 US$'000 US$'000 US$'000

Sales and other operating revenues
External sales 10 108,507 - 108,517
Inter-segment sales 17,751 - (17,751) -

Segment revenues 17,761 108,507 (17,751) 108,517

Mining Smelting Consolidated
US$'000 US$'000 US$'000

Segmental loss before tax (15,174) (3,804) (18,978)

Unallocated corporate expenses (5,809)
Interest expense (5,987)
Interest income 48

Net loss before tax (30,726)

Segment assets 35,573 25,951 61,524
Unallocated Corporate assets 1,992

Total assets 63,516

3. Other income

6 months to 6 months to Year ended
31 Dec 2009 31 Dec 2008 30 June 2009
US$,000 US$,000 US$,000
Unaudited Unaudited Audited

Profit from exercise of copper - 2,734 2,760

put options
Deferred revenue released to income - 4,944 4,944

statement
Other income 323 404 446

Total other income 323 8,082 8,150

4. Finance costs

6 months to 6 months to Year ended
31 Dec 2009 31 Dec 2008 30 June 2009
US$,000 US$,000 US$,000
Unaudited Unaudited Audited

Third party loans 1,244 1,767 2,838
Convertible loan note interest 778 540 1,103
Unwinding of creditors' compromise agreement1 - 318 1,925
Other interest 81 70 121

Total finance costs 2,103 2,695 5,987

1The unwinding of creditors' compromise relates to the change in the net present value the 311 creditors' compromise agreement that was entered into at acquisition of Ongopolo Mining Ltd. This change is classified as a finance cost.

5. Share issues

During the period to 31 December 2009 40,468,000 shares were issued for $2 million in cash.

6 months to 31 December 2009
Number US$
At 1 July 2009 405,425,427 75,256
Issue of shares 40,468,000 2,000
At 31 December 2009 445,893,427 77,256

6 months to 31 December 2008
Number US$
At 1 July 2008 405,327,066 75,221
Issue of shares 78,689 28
At 31 December 2008 405,405,755 75,249

Year to 30 June 2009
Number US$
At 1 July 2008 405,327,066 75,221
Issue of shares 98,361 35
At 30 June 2009 405,425,427 75,256

6. Property, plant and equipment
Freehold property Plant and machinery Assets under Development costs Total
construction
US$,000 US$,000 US$,000 US$,000 US$,000

Six months ended 31 December 2009 Cost or valuation:
At 1 July 2009 36,258 31,889 1,044 40,395 109,586
Additions - - 1,699 - 1,699
Disposals - - - (40,395) (40,395)
Exchange adjustment 2,207 4,076 125 - 6,408

At 31 December 2009 38,465 35,965 2,868 - 77,298

Depreciation:
At 1 July 2009 (5,401) (12,266) - (40,395) (58,062)
Provided during the period (1,157) (1,645) - - (2,802)
Disposals - - - 40,395 40,395
Exchange adjustment (463) (2,842) - - (3,305)

At 31 December 2009 (7,021) (16,753) - - (23,774)

Net book value at 31 December 31,444 19,212 2,868 - 53,524

Six months ended 31 December 2008 Cost or valuation:
At 1 July 2008 38,916 40,760 - 40,395 120,071
Additions - 1,935 - - 1,935
Exchange adjustment (6,054) (6,351) - (6,439) (18,844)

At 31 December 2008 32,862 36,344 - 33,956 103,162

Depreciation:
At 1 July 2008 (3,205) (11,233) - (40,395) (54,833)
Provided during the period (1,080) (2,092) - - (3,172)
Exchange adjustment 511 1,912 - 6,439 8,862

At 31 December 2008 (3,774) (11,413) - (33,956) (49,143)

Net book value at 31 December 29,088 24,931 - - 54,019

Year ended 30 June 2009 Cost or valuation:
At 1 July 2008 38,916 40,760 - 40,395 120,071
Additions - 1,339 898 - 2,237
Transfer to current assets (2,543) - - - (2,543)
Disposals (466) (9,632) - - (10,098)
Exchange adjustment 351 (578) 146 - (81)

At 30 June 2008 36,258 31,889 1,044 40,395 109,586

Depreciation:
At 1 July 2008 (3,205) (11,233) - (40,395) (54,833)
Provided during the year (1,997) (4,381) - - (6,378)
Transfer to current assets 175 - - - 175
Disposals 25 3,854 - - 3,879
Exchange adjustment (399) (506) - - (905)

At 30 June 2009 (5,401) (12,266) - (40,395) (58,062)

Net book value at 30 June 2009 30,857 19,623 1,044 - 51,524

Notes to the consolidated financial statements

for the period from 1 July 2009 to 31 December 2009

7. Assets held for sale
Total
US$,000

Six months ended 31 December 2009 Cost or valuation:
At 1 July 2009 2,543
Disposals (567)
Exchange adjustment 140

At 31 December 2009 2,116

Depreciation:
At 1 July 2009 (175)
Disposals 30
Exchange adjustment (10)

At 31 December 2009 (155)

Net book value at 31 December 2009 1,961

Six months ended 31 December 2008
Cost or valuation at 31 December 2008 -

Depreciation at 31 December 2008 -

Net book value at 31 December 2008 -

Year ended 30 June 2009 Cost or valuation:
At 1 July 2008 -
Transfers from non current assets 2,543

At 30 June 2009 2,543

Depreciation:
At 1 July 2008 -
Transfers from non current assets (175)

At 30 June 2009 (175)

Net book value at 30 June 2009 2,368

8. Loss per share

The calculation of the basic loss per share is based on the loss attributable to ordinary shareholders divided by the weighted average number of shares in issue during the period. Shares held in employee share trusts are treated as cancelled for the purposes of this calculation.

The calculation of diluted loss per share is based on the basic loss per share, adjusted to allow for the issue of shares and the post tax effect of dividends and/or interest, on the assumed conversion of all dilutive options and other dilutive potential ordinary shares.

Reconciliations of the loss and weighted average number of shares used in the calculations are set out below.

6 months to 6 months to Year ended
31 Dec 2009 31 Dec 2008 30 June 2009
US$'000 US$'000 US$'000
Unaudited Unaudited Audited

Loss for the period (12,643) (15,467) (30,767)

attributable to owners of parent
Weighted average number of 438,594,919 391,979,359 405,413,300

ordinary shares in issue during the period - basic earnings per share
Effect of share options in - 8,196,042 -

issue
Weighted average number of 438,594,919 400,175,401 405,413,300

ordinary shares fully diluted at end of the period - diluted earnings per share
Basic loss per share (US (2.88) (3.87) (7.59)

cents)
Diluted loss per share (US (2.88) (3.87) (7.59)

cents)

Where a loss has been incurred for the period, the diluted loss per share does not differ from the basic loss per share as the exercise of share options would have the effect of reducing the loss per share and is therefore not dilutive under the terms of IAS 33.

9. Contingent liabilities

In November 2008, the company became aware of a potential claim in the amount of £3.5 million against the company from a third party in relation to an alleged previously unknown financial obligation. In pursuance of that claim, Barclays Bank plc issued a writ against Weatherly International on 18 September 2009. A thorough investigation of this claim has been conducted. As a result, the company believes that it has a robust defence and will pursue a counterclaim for loss and damages against Barclays Bank plc. In these circumstances, the directors do not believe that any provision for this contingent liability should be made.

10. Post balance sheet events

On 14th January 2010 Weatherly International plc announced its intention to sell the smelter business to DPM and the Company entered into a conditional sale and purchase agreement with DPM on 26th February 2010. This transaction is subject to shareholder approval at a meeting convened for 11th March 2010 and is expected to complete shortly thereafter. Pursuant to the sale and purchase agreement, Weatherly is to sell NCS together with certain associated property and assets owned by Ongopolo Mining and Processing Limited for consideration of US$18 million cash and 4,446,420 new common shares in DPM ('DPM Shares').

At 31st December 2009 no decision had been made to dispose of the smelter business and the criteria for classification as held for sale in respect of this disposal had not been met. The smelter business is therefore not disclosed as a discontinuing business in these financial statements.

This information is provided by RNS The company news service from the London Stock Exchange

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