Weatherly International plc, which has mining and smelting operations at Tsumeb, has announced the sale of its blast furnace and reverb slag dumps to Emerging Metals Limited (EML) for about N$82.65 million. This is payable over 24 months in cash, shares and options in EML.

EML specialises in the extraction and marketing minor metals, which can easily be mined using modern technology. According to the statement, Weatherly could emerge as a significant shareholder in EML under the arrangement.
For the deal to be finalised, EML must list on a recognized exchange and complete a feasibility study to successfully reprocess the slag dumps within two years or ownership will revert back to Weatherly.
The statement said that the slag dumps are rich in zinc, germanium, gallium and other minor metals.
“The divestment of our furnace slag dumps is in line with our continuing strategy to maximize the value of non-core assets within the business. We are pleased to put these assets into EML as the proprietors have an impressive track record with other minerals.
“The sale is unrelated to an earlier deal with Applied Intellectual Capital (AIC), which is looking to reprocess the Tsumeb tailings dam and remains on schedule to construct a pilot plant during the second quarter of 2008,” said chief executive officer of Weatherly International, Rod Webster.