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The Chinese company will pay GBP 16.1 million for a 50.1% stake in the African copper miner and enable the latter to re-exploit those mines that shut down earlier.
Weatherly signed a letter of intent with a wholly-owned subsidiary of the ECE and will issue 446.8 million new shares at a price of GBP 0.036 apiece to the subsidiary, the London-listed copper miner said in another statement.
The Weatherly Chief Executive Rod Webster disclosed that the Chinese firm realized the value of Weatherly's assets base and management, so it planned to obtain the controlling right of his company with big money.
Along with this deal, the Otjihase and Matchless mines will re-start operation, through which both sides will make good use of the copper markup.
Source: www.163.com (September 16, 2009)
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