BUILDING FUTURE CAPACITY ANNUAL REPORT 2014
Weatherly International plc Annual Report and Accounts 2014 Contents
Strategic Review
1 Summary highlights
2 Weatherly at a glance
4 Chairman’s statement
6 Chief Executive’s statement
9 Industry overview
12 Why Weatherly?
15 Tschudi story
18 Central operations
20 Principal risks and uncertainties
22 Key performance indicators
23 Corporate and social responsibility
24 Reserves and resources statement
Corporate Governance
24 Board of Directors 
28 Corporate Governance Report
31 Directors’ remuneration report
34 Statement of Directors’ Responsibilities
35 Directors’ Report
37 Independent auditor’s report
Financial Statements
38 Consolidated income statement
39 Consolidated statement of comprehensive income
40 Consolidated statement of financial position
41 Consolidated statement of changes in equity
42 Consolidated cash flow statement
43 Notes to the consolidated financial statements
72  Statement of Directors’ Responsibilities
73  Independent Auditor’s Report
74 Company Balance Sheet
75  Notes to the Parent Company 
Financial Statements
Company information
80 Company Information  1 Weatherly International plc Annual Report and Accounts 2014
STRA TEGIC REPORT CORPORA TE GOVERNANCE FINANCIAL ST A TEMENTS
Financial
• Tschudi fully funded during the year.
• Tschudi on budget, on time and expected 
to be in production second quarter 2015.
• US$4.6m raised from equity placements 
in the year.
• Orion Mine Finance Tranche A loan 
reduced by US$2.5m in the year.
Operational
• Central Operations moved to owner 
mining from contractor mining reducing 
costs with increased capacity.
• Central Operations remains self funding 
in a difficult trading environment.
• Mobile equipment fleet overhauled and 
renewed during the year.
Tschudi fully funded, first copper 
production by the second quarter 
2015 and will be producing 
17,000 tpa when at full capacity
Two operating copper mines  
which are self-funding with 
additional upside identified
Creating Jobs for Namibia
HIGHLIGHTS Over 5,000 tonnes  
of copper produced 
in 2014
T schudi in production  
2nd quarter 2015
T schudi will add  
over 1 7 ,000 tonnes  
of copper annually  3 Weatherly International plc Annual Report and Accounts 2014
STRA TEGIC REPORT CORPORA TE GOVERNANCE FINANCIAL ST A TEMENTS
OUR ASSETS
Weatherly’s Central Operations, 
Matchless and Otjihase, reopened 
in 2011 and produced 5086 tonnes 
in financial year 2014 with the 
highest production being seen in 
the final quarter. These established 
mines are cashflow positive and 
continue to increase in production 
whilst there has been a decline in 
sustaining costs due to the recent 
implemented initiatives. The plan is to 
progressively increase production to 
a rate of 7,000t of copper per annum. 
Management is also planning for 
the regional consolidation of other 
mines in the Otjihase region.
UNDERGROUND COPPER MINES TSCHUDI OTHER PROJECTS 
Weatherly’s Open Pit Mine project 
at Tschudi is fully funded with 
production expected in the second 
quarter of 2015. Tschudi has a mine 
life of 11 years and a confirmed 
JORC ore reserve of 22.7 million 
tonnes of ore at a grade of 0.95% 
copper. Tschudi will produce 
approximately 17,000 tonnes per 
annum when at full capacity.
Weatherly has two projects on 
granted Mining Licences, Tsumeb 
West and Tsumeb Tailings, and the 
prospect area EPL 132A. Weatherly 
has also strategically invested 
25% in the AIM listed China Africa 
Resources which is currently 
focused on the development of the 
lead/zinc project at Berg Aukas 
in Northern Nambia, estimated to 
produce 250,000 tonnes of both 
lead and zinc over 10 years.
 
Projects 
Weatherly’s producing mines, 
Matchless and Otjihase, are 
conveniently located near the  
capital Windhoek which allows  
for easy transport links.  
 
The development projects, Tschudi 
and the Tsumeb West and Tailings, 
have a strategic proximity to the 
town of Tsumeb, known locally as the 
‘gateway to the north’ of Namibia.
NAMIBIA
WINDHOEK
Otjihase
Matchless
Tschudi
Tsumeb
New Projects
Existing 
Operations
Potential 
Projects 4 Weatherly International plc Annual Report and Accounts 2014
CHAIRMAN’S STATEMENT
Overview
In a pivotal year, we have made 
significant progress towards 
bringing our Tschudi operation into 
production. I want to be extremely 
clear to our investors, customers 
and staff about the significance 
of Tschudi. Once in operation, it 
will transform the performance of 
Weatherly and, at the time of writing, 
we are ahead of schedule and looking 
forward to Tschudi producing its first 
copper in the second quarter of 2015.
As well as our ‘on the ground’ 
progress we should not overlook 
the significant achievement of 
delivering the successful funding 
of the Tschudi project. We used 
operating and ‘build own operate’ 
(BOO) contracts to both reduce the 
capital requirement and minimise our 
own operational risk and then funded 
the remainder entirely through a 
debt facility of US$88m from Orion.
This funding arrangement was 
a significant achievement for a 
company with a market capitalisation 
(at the time) of around US$20m and 
I should like to pay tribute to our 
CEO Rod Webster and his team for 
a job very well done. Looking to the 
future, and once Tschudi is up and 
running, your Board will examine 
the possibilities of developing some 
of the potential copper deposits 
in the Windhoek area; we believe 
these may offer us an excellent 
opportunity to make the most of 
our Concentrator’s idle capacity.
We should also note the benefits 
of operating in Namibia. The 
internationally-respected Fraser 
Institute (which ranks countries 
according to their disposition 
towards mining companies) says 
that Namibia is one of the top three 
countries in Africa. The country is a 
stable multi-party democracy with a 
long-established Mining Act and we 
can be very proud that, during our 
eight years in the country, Weatherly 
has developed strong relationships 
with all our stakeholders.
Once Tschudi is  
in operation it  
will transform  
the performance 
of Weatherly
JOHN BRYANT
Non-Executive Chairman  5 Weatherly International plc Annual Report and Accounts 2014
STRA TEGIC REPORT CORPORA TE GOVERNANCE FINANCIAL ST A TEMENTS
Financial Performance
While copper output and costs 
were largely unchanged from the 
previous year, copper prices declined 
by some 15% further reducing 
already tight margins. Despite this, 
the operations remained cashflow 
positive throughout and were able 
to meet all ongoing capital and debt 
repayments. To reduce costs and 
restore margins in a lower copper 
price environment, the Company 
undertook a radical overhaul of 
its operations aimed at boosting 
productivity in the second half of 
the year. Unfortunately, this year 
investors will only see the costs of 
these changes while the benefits will 
accrue in the following year. However, 
the changes we have introduced 
should help us take Central 
Operations closer towards our goal 
of 7,000 tonnes of copper per year 
and in doing so restore profitability.
To further improve the Company’s 
cash position, two equity 
placements totalling $4.6m were 
made during the year, the second 
tranche at a significant premium 
to the prevailing share price.
The Board remains confident about 
the long-term prospects of copper. 
Countries around the world will 
continue the now established trend 
of urbanisation and, in so doing, 
will continue to drive demand for 
copper and its applications in wire, 
cables, electronics and electric 
motors. Global copper production 
is currently running at around 17 
million tonnes per year. Worldwide, 
consumption of copper over the 
next 24 years is predicted to exceed 
all of the copper ever mined! 
Management
On 31 December 2013 Max Herbert 
retired as Company Secretary after 
five years of excellent service. The 
Board’s thanks go to Max and we 
wish him every success in the future. 
The Company Secretary duties have 
now been taken over by our Chief 
Financial Officer, Kevin Ellis. I would 
like to thank all of Team Namibia 
where our local Board and strong 
management group continue to 
work diligently to take the Company 
into its exciting next phase.
China Africa Resources
During the year, China Africa 
Resources plc, in which Weatherly 
holds a 25% stake, completed a pre-
feasibility study for the development 
of the Berg Aukas lead/zinc mine, 
also in Namibia. The pre-feasibility 
study conclusions were that a 
mine would be viable and that the 
Company should proceed with 
the next stage of development. 
Finally, it just remains for me to 
thank all our shareholders for their 
support during the year. I hope you 
will share the Board’s confidence as 
we look towards the next 12 months 
and the successes it should bring.
John Bryant
Chairman
6 October 2014 6 Weatherly International plc Annual Report and Accounts 2014
CHIEF EXECUTIVE’S STATEMENT
This has been a year of significant 
progress for the Company as we 
developed our assets in Namibia; 
at Tschudi we moved ever closer to 
production while the performance 
of our two producing copper mines 
at Otjihase and Matchless, known 
as our ‘Central Operations’, has 
been enhanced as a result of 
the changes we introduced.
These assets will take Weatherly 
one step closer to achieving its 
medium-term goal of establishing a 
business producing approximately 
25,000 tonnes of copper annually. 
The development of Tschudi will 
help us deliver this as we work 
towards its first production of copper 
during the second quarter of 2015.
Financial
In the year revenues were down 
from US$35.6m to US$32.2m. Actual 
contained copper tonnes shipped 
rose from 4,485 tonnes to 4,590 
tonnes but the average sales price 
went down from US$8,273 per tonne 
to US$7,397 per tonne. While this 
was a reduction on the previous year 
we benefitted from copper hedges 
as the average spot price over the 
period was US$7,014 per tonne.
As the copper price has reduced 
the Board has chosen to run down 
its hedges and the Company is 
now unhedged on both commodity 
price and currency. The Board 
regularly reviews this policy.
The lower copper prices received 
reduced the gross profit to US$0.6m 
compared with US$4.4m in the 
previous year resulting in an overall 
loss of US$5.7m compared with 
US$1.6m in the previous year.
Production costs in Namibia were 
on a similar level year-on-year. The 
C1 cost for the year was US$6,729/
tonne (2013, US$6,532) Costs 
outside Namibia were reduced 
from US$2.6m to US$2.1m.
At the end of the year, inventory 
with a sales value of US$8.8m was 
still awaiting shipment compared 
to US$5.4m at the previous year 
end. We only record a sale when the 
concentrate is aboard ship although 
the sales price is agreed when the 
concentrate reaches Walvis Bay, 
the port in Namibia, and our off-
taker pays us a loan equivalent to 
95% of the agreed sales price. This 
is netted against the sales revenue 
due when the ship departs port.
Working capital increased from 
US$18.5m to US$23.2m during the 
year. Inventory increased due to stock 
at Walvis Bay while cash increased 
predominately as a result of cash 
holdings on the Tschudi project. If 
this is excluded, year-on-year cash 
was similar on a like-for-like basis.
During the year we raised US$4.6m 
net of expenses from equity raises. 
In December we raised US$1.7m 
from a placement to shareholders 
at 3p per share and in June, 
Logiman, the project manager 
of the Tschudi project, invested 
US$2.9m at 3.95p per share.
In November 2013 we received 
our first drawdown against our 
loan with Orion Mine Finance to 
build the capital infrastructure for 
the Tschudi project. The Tschudi 
project loan is for US$80m with a 
US$8m over run facility (Tranche 
C). At year end we had drawn down 
US$47.8m of the facility and invested 
US$44.0m into the project.
Orion Mine Finance also assumed 
the existing loan from Louis 
Dreyfus which stood at US$3.9m 
at 30 June 2013. This loan has 
been reduced during the year by 
US$2.5m to US$1.4m at year end.
ROD WEBSTER
Chief Executive Officer
“Seeing the first ore in 
the pit at Tschudi 
brings home how close 
we are to realising a 
new mine”  7 Weatherly International plc Annual Report and Accounts 2014
STRA TEGIC REPORT CORPORA TE GOVERNANCE FINANCIAL ST A TEMENTS
Central Operations
The output from our two underground mines for 
the year was 5,086 tonnes of copper (2013, 5,182 
tonnes) and this is summarised in the table below:
2013/14 2012/13
Ore Treated (t) 290,081 299,680
Grade (%) 1.88 1.86
Recovery (%) 93.11 93.10
Copper Concentrate (t) 20,994 22,477
Copper Contained (t) 5,086 5,182
The Company’s annual production of 
5,086 tonnes was similar to last year 
despite a concerted effort to boost 
production in the second half of the 
year. Production in our final quarter 
(the three months ending 30 June 
2014) of 1,507 tonnes was the highest 
achieved to date since the mines were 
reopened in 2011. This performance 
would equate to an annualised rate 
of over 6,000 tonnes of copper.
The Company’s unit cash cost (C1) 
for the year was US$ US$6,729/
tonne. Once again, I would draw 
shareholders’ attention to the 
final quarter of the year when we 
achieved the lowest cost level for 
the last two years. Management 
believes that the improvements 
highlighted below should help us 
take Central Operations towards 
our target production of 7,000 
tonnes of copper per year.
accountability throughout the 
organisation. The Company is now 
working on restructuring salaries 
to incorporate a larger productivity-
based component which is also 
linked to increased training and 
certification. Plans are underway 
to open a mining school based 
around the development heading 
to Hoffnung Fault West. Skills 
development remains the single most 
important building block in improving 
productivity on a sustainable basis.
Mobile Equipment Reliability
Much of the equipment used to 
reopen the mines in 2010 was rebuilt 
at the time and, four years on, had 
become increasingly difficult and 
costly to maintain, especially in an 
environment where maintenance 
skills are at a premium. The 
Company’s response has been to 
invest heavily in key new equipment 
and in this respect the Company 
added three new trucks, two new 
scoops and a rebuilt drill jumbo 
during the latter part of the year. 
Accompanying this has been 
a programme of rationalising 
and rebuilding the remaining 
equipment to optimise the fleet.
A number of expatriate mechanics 
were employed on a temporary 
basis to help train and improve 
maintenance practices at both 
underground mines. Training 
Increasing Efficiency at 
Central Operations
It had become clear to your 
management that Central Operations 
was not sustainable unless 
productivity was improved and 
costs reduced and that we had to 
effect major changes to achieve this. 
This was done by targeting three 
specific areas, manning levels and 
skill requirements, equipment and 
reliability and mining methods.
Manning and Skills
The first step was to bring the 
mining functions in house where 
we would have more control over 
performance and safety. The 
changeover from contract mining to 
owner mining went well and resulted 
in a 67% productivity increase. It 
also provided the opportunity to 
reduce management layers and 
establish better discipline and   STRA TEGIC REPORT CORPORA TE GOVERNANCE FINANCIAL ST A TEMENTS
 9 Weatherly International plc Annual Report and Accounts 2014
modules are being developed for 
all heavy mobile equipment and 
will form the basis of an ongoing 
in-house programme to train 
and certify our employees.
Mining Methods
Significant changes to the mining 
methods at both mines are an 
important part of the overall strategy 
to improve productivity. At Otjihase, 
the plan is to move from costly 
and complicated pillar recovery to 
primary mining. A new area known 
as Hoffnung Fault West, has been 
accessed and the first ore, albeit low 
grade fringe material, was mined 
during the last quarter of the year. 
This is expected to gradually ramp 
up both in tonnes and grade as more 
working faces are established. In 
the meantime considerable effort 
has gone into steamlining the pillar 
recovery activities which are now 
retreating updip eliminating many 
of the issues relating to pumping, 
backfill and support. While the plan 
is to phase out the pillar recovery 
as soon as possible, it will still 
remain the major source of ore 
for at least the first half of 2015.
At Matchless, the focus during the 
year was on improving the open 
stoping method which was introduced 
to replace the cut and fill method 
that has traditionally been used. 
Despite initial difficulties during 
the changeover, the benefits were 
demonstrated in the last quarter with 
significant gains in the production 
and lower levels of grade dilution.
We believe that the combination 
of these improvements will 
enable the Central Operations to 
operate profitably in the future.
Tschudi
The developments at Tschudi are 
key to the future of the Company and 
will help us grow into the ‘25,000 
tonne producer’ we aspire to be. 
Tschudi will transform the Company 
by adding 17,000 tonnes of copper 
cathode to existing production from 
Central Operations; the project is on 
schedule to deliver its first copper 
in the second quarter of 2015.
So significant is the progress that 
we have dedicated a separate 
section to Tschudi in this report.
However, in summary, let me 
state that we have made excellent 
progress and as at 31 August 2014, 
the project was 75% complete. 
We were also extremely pleased to 
welcome Logiman, our engineering 
contractor for the Tschudi project, 
as a shareholder. This is a great 
vote of confidence in both the 
management and the project 
itself, especially given the fact that 
Logiman bought the shares at a 
significant premium to the market.
Safety
Weatherly is committed to the safe 
production of copper. Our goal is to 
deliver exceptional shareholder value 
while respecting the environment, 
community and safety of our 
employees and contractors. To raise 
awareness about our goal a ‘Safe 
Copper’ model was developed that 
includes our vision, mission, values 
and behaviours. The Safe Copper 
model is a focal point in educating 
our workforce that we aim to produce 
without injuries to our people, 
without harm to our environment and 
provide positive contributions to our 
community and the health and safety 
of our employees and contractors 
is paramount in everything we do. 
We achieve this through effective 
leadership and teamwork by ensuring 
that our safety systems, policies 
and procedures reflect the work 
we do. Weatherly is committed to 
the development of an integrated 
management system aligned to 
OSHAS 18001 and ISO 14001.
0
10
20
30
40
50
60
n LTIF Month
n 2013 LTIFR Cumulative Average
n 2014 LTIFT Cumulative Average
Jun 13 Jul 13 Aug 13 Sep 13 Oct 13 Nov 13 Dec 13 Jan 14 Feb 14 Mar 14 Apr 14 May 13 Jun 14
Lost Time Injury Frequency Rate (LTIFR) – Weatherly  INDUSTRY OVERVIEW
World copper consumption over the next 
24 years will exceed all the copper that  
has been mined to date. Industrial and 
urban growth in China is projected to  
drive 40% of the future demand  
for copper, and due to the current 
extrapolation growth rate of 2% each year, 
copper reserves could run out in 25 years. 
Tschudi Open Pit  11 Weatherly International plc Annual Report and Accounts 2014
STRA TEGIC REPORT CORPORA TE GOVERNANCE FINANCIAL ST A TEMENTS
Our safety standards improved 
significantly over the course of the 
2014 year. This is shown in a drop in 
the number of lost time injuries from 
36 to 22 for the reporting period. The 
lost time injury frequency rate (LTIFR) 
also improved from 21 in June 2013 
to 13 at the end of June 2014.
Environment
Weatherly has a proactive approach 
towards environmental performance. 
In setting up the Company’s 
Safety Management System we 
have adopted the international 
standard ISO 14001 Environmental 
Management Systems to ensure 
an integrated approach towards 
health, safety and the environment. 
Our commitment to minimising 
potential environmental impacts 
extends throughout our management 
practices, policies and standards.
We are pleased to report that no 
environmental incidents or fines 
for non-compliance were received 
during the reporting period. Some 
of the environmental initiatives 
implemented in 2014 include:
• Improved in-house resourcing 
for environmental specialists
• The development and 
implementation of the Weatherly 
land clearing permit system
• Management strategies for 
the handling and stockpiling 
of topsoil for closure
• Weed and seed clearance 
certificates for equipment 
working on our sites
• Air quality monitoring to ensure 
our operators understand and 
manage the risks associated with 
dust generated from our activities 
• Water management strategies for 
water disposed from old workings
In 2014 we hosted our first 
environmental forum for Matchless 
and Tschudi with great success. The 
Environmental Forum comprises 
representatives from Weatherly, 
Government, local councils, 
communities and neighbouring 
property owners who review 
environmental performance 
relating to our operations. 
China Africa Resources plc
The Company has a 25% stake 
in the AIM listed company, China 
Africa Resources (CAF), which 
is currently focused on the 
development of lead/zinc project at 
Berg Aukas in Northern Namibia.
During the year China Africa 
Resources completed a pre-
feasibility study based on a mineable 
resource of 2.05 million tonnes 
grading 11.2% zinc, 2.81% lead and 
0.2% vanadium oxide. The study 
looked at a 250,000 tonnes per 
year underground mine producing 
approximately 20,000t zinc and 5,000t 
lead annually over a life of 10 years 
The initial capital cost was estimated 
at US$50m and the operating cost 
was approximately US$1,000/t zinc 
equivalent. The financial analysis 
showed a pre-tax Net Present 
Value (NPV) using a discount rate of 
10% of between US$49 million and 
US$51 million and an IRR of 25%.
Minxcon, who prepared the 
independent financial evaluation 
stated that under the current 
economic environment the ‘Project 
is robust and recommends that the 
project continue to be advanced’.
Other
No work was carried out on the 
Company’s Northern projects 
Tsumeb Tailings and Tsumeb West 
Mine, although the Company’s 
strategic exploration licence 
(EPL132A) surrounding the 
Tsumeb – Tschudi strike was 
renewed for a further two years.
Rod Webster
Chief Executive Officer
6 October 2014 NAMIBIA 
IS RATED 
3RD BEST 
AFRICAN 
NATION 
FOR MINING
(FRASER INSTITUTE SURVEY 201 2/13)
Nambia was rated the third best African 
nation for mining by the Fraser Institute Survey 
(2011/2012) with these considerations: it has 
a stable multi-party democracy, it promotes 
foreign investment, it has a long established 
Mining Act, and it operates under an 
independent legal system. In today’s market 
these are becoming increasingly important 
factors for investors to take into account.
Namibia is one of the lowest risk economies 
in Africa. The Government pursues a constant 
strategy of encouraging investment in the 
country and is keen to keep the climate 
attractive for foreign investors.   13 Weatherly International plc Annual Report and Accounts 2014
STRA TEGIC REPORT CORPORA TE GOVERNANCE FINANCIAL ST A TEMENTS
30000
25000
20000
15000
10000
5000
2014 2015 2016 2017 2018
Growth profile
Tonnes of Copper produced
Tschudi
Existing mines
WHY WEATHERLY?
Experienced Board 
and Management
Weatherly has an experienced 
management team with both 
Board and Management in London 
and Namibia. There is a wealth of 
experience in mining and resources 
with the Directors averaging 
over 30 years’ experience in the 
sector. Weatherly has over 500 
employees, including both native 
and expatriate workers, which will 
increase significantly when Tschudi 
comes into operation next year. 
Cashflow Positive  
Underground Mines
Central Ops, Matchless and 
Otjihase, provide Weatherly with 
available cashflow to support the 
development of its operations. 
Transformational 
Open-Pit Project
The exciting Tschudi project is 
currently ahead of schedule. There 
is available acid from the smelter, 
water from local bores, a good grid 
power supply, a nearby airport, 
railway headings and established 
roads. Production is expected in 
the second quarter of 2015 with 
a mine life of 11 years based on a 
confirmed JORC ore reserve of 22.7 
million tonnes of ore at a grade of 
0.95% copper. Tschudi has a design 
production rate of approximately 
17,000 tonnes per annum.
Low Cost Producer
Tschudi is placed in the lowest 
quartile of new copper projects in 
terms of capital expenditure and 
operating costs; the heap leach 
process being a particularly low 
cost way of extracting copper. 
Recent initiatives in Central 
Operations such as increasing 
the efficiency of mining methods 
by moving from pillar recovery to 
primary mining will help to reduce 
operating costs substantially.
Institutional Support
The Shareholder list on page 36 
demonstrates the confidence that 
large institutional investors have 
in the assets of the Company. 
Financing and Operating 
structure – reducing risk
Tschudi has been funded through a 
combination of Contractor Build Own 
Operate (BOO) and ‘non conventional’ 
debt. As a consequence there is 
a significant sharing of risk given 
approximately US$40m has been 
invested by the main contractors 
Basil Read and B&E International.
Local Namibian Board 
and Management
Tschudi has a dedicated Management 
team headed by the Company’s 
Chief Operating Officer based 
in Namibia, Craig Thomas.
The local Board comprises a 
number of Namibian Directors 
who have strong links with the 
Namibian Government and a 
direct understanding of the 
country’s mining culture. 
Established Relationships
Weatherly has been operating in 
Namibia for eight years and maintains 
strong contacts with the Minister 
of Mines and other Government 
members and officials. All of 
Weatherly’s Namibian companies 
have local boards with predominantly 
Namibian representation.
OUR GOAL IS
25,000 
TONNES OF 
COPPER 
ANNUALL Y Kipoi Cellhouse (DRC) above 
and Tschudi Cellhouse inset left
TSCHUDI 
WILL PRODUCE 
99.99% 
PURE 
COPPER 
WHY TSCHUDI? 
Tschudi is an open pit that is expected 
to mine 190 million tonnes per year of 
ore and waste over its 11-year mine life. 
The mine has a proven and probable 
JORC reserve of 22.7 million tonnes 
of ore at a grade of 0.95% copper.  15 Weatherly International plc Annual Report and Accounts 2014
STRA TEGIC REPORT CORPORA TE GOVERNANCE FINANCIAL ST A TEMENTS
Early Days
In 2006, your Company acquired the assets of Ongopolo, a Namibian 
copper producer, including a major undeveloped resource known as 
Tschudi.
For shareholders old and new it is worth recounting the history of 
Tschudi and the progress the Company has made as well as 
exploring some of the exciting potential which the new mine will 
offer.
In the wake of the 2008 global financial crisis work on the project 
was suspended and it was not until December 2009 that we 
published our preliminary pit optimisation study. Throughout 2011 
and 2012 we made progress with feasibility studies which started to 
show that the ore body, including the deeper ore, was amenable to 
direct leaching using sulphuric acid. Up until then, it was assumed 
that the deeper ore would be treated using conventional flotation, 
smelting and refining. This was a significant breakthrough at the 
time.
By the end of 2012 we were able to publish our Bankable Feasibility 
Study (BFS) based on an open pit mine using heap leach, solvent 
extraction and electro-winning to produce high quality copper 
cathodes. 
The BFS was completed in December 2012 and the financial 
results were announced together with the funding from Orion 
Mine Finance (then Red Kite). At the time, the BFS resulted in a 
Net Present Value (at 8% discount rate) of US$105m based on an 
average Life of Mine copper price of US$6,067 per tonne of copper.
2013; Contractors Appointed and Ground Breaking
By September 2013 we had made sufficient progress to start 
appointing the key contactors. All the companies appointed were 
Namibian subsidiaries of South African organisations.
Basil Read Mining Namibia joined the team as mining contractor 
while B&E Int. were appointed to carry out the crushing, 
agglomeration and stacking of the leach pads. Logiman, a boutique 
engineering contractor, was appointed in charge of the design and 
construction of the process plant.
As we reported last year, the official ground breaking ceremony 
was held in Namibia in November 2013, which heralded the official 
launch of the mine and the start of the plant construction phase. 
CRAIG THOMAS
CHIEF OPERATING OFFICER
Craig Thomas is 
an Australian mining 
engineer with over 25 years of 
diverse operational experience.  
He has played key leadership 
roles in the start-up and ongoing 
operations of open pit and 
underground mines in Botswana, 
Papua New Guinea and Australia, 
and has lead Weatherly’s 
operations in Namibia since 2010.
TSCHUDI STORY
Summary of Feasibility Results –  
Production
Mine Type Open pit
Resources 50.1mt at 0.86% Cu
Reserve 22.7mt at 0.95% Cu
Mining Rate ~17mt/yr
Mine Life 11 years
Stripping Ratio 7.45/1
Processing Method Solvent Extraction, 
Electro-Winning (SX-EW)
Processing Rate 2.0-2.6mt/yr ore
Recovered Copper 184,275t
Annual Production ~17,000t/yr Commence mining and 
stockpiling ore
Commission crushing/
agglomerating and stacking plant
Commence irrigation of ore on pads
Build up copper in solution
Commission SX-EW plant
First copper sales
2014 Q4 2015 Q1 2015 Q2
Tschudi Today
During 2014 our progress has 
accelerated and we have passed 
some significant milestones, 
ahead of schedule.
Civil engineering works and 
construction commenced in 
April 2014 and Logiman, our 
EPC contractor, also became a 
shareholder. This was a great 
vote of confidence in both the 
management and the project itself, 
especially given the fact that Logiman 
bought the shares at a significant 
premium to the market price.
prepared to do this is indicative of 
their commitment to the project.
We have also concluded the main 
supply contracts for the project; 
Nampower for the power and 
Dundee’s Tsumeb smelter for the acid 
required in our leaching process. 
All of the main contract cost inputs, 
mining, crushing, power and acid 
are estimated to be approximately 
10% below those assumed in our 
BFS which adds to the financial 
robustness of the project.
The project has made excellent 
progress and as at the 31st August 
was approximately 75% complete.
In June, our mining contractor, 
Basil Read, was mobilised. This was 
well ahead of the original schedule. 
Waste stripping commenced, 
again well ahead of schedule. This 
augurs well for ensuring that the 
required stripping will be completed 
ahead of time resulting in a further 
de-risking of the project.
B&E has commenced its crushing 
and agglomeration facility which 
is being constructed on a build 
own and operate (BOO) basis. It is 
estimated that both Basil Read and 
B&E have invested over US$40m of 
their own money in establishment 
costs which can only be recovered 
from the operating contract 
payments. The fact that they are 
TSCHUDI MILESTONES  17 Weatherly International plc Annual Report and Accounts 2014
STRA TEGIC REPORT CORPORA TE GOVERNANCE FINANCIAL ST A TEMENTS
Team
Due to Tschudi’s importance to 
Weatherly, the Company has moved 
quickly to establish a dedicated 
management team reporting to 
the Company’s Chief Operating 
Officer in Namibia, Craig Thomas.
The mining manager, Mike Stuart, 
the processing manager, Stefan 
Engelbrecht, the plant maintenance 
manager, Greg Edmonds and the 
finance manager, Gary Spinas, are 
all in place. Recruitment of the 
mining department’s senior staff 
has been completed and the other 
departments are well advanced 
in the recruitment process. 
The Future at Tschudi
Tschudi is an open pit that is expected to mine 190 million tonnes of 
ore and waste over its 11 year mine life. The mine has a proven and 
probable JORC reserve of 22.7 million tonnes of ore at a grade of 
0.95% copper.
The ore will be processed using acid leaching, solvent extraction, 
electro-winning (SX-EW) technology. This is a proven process 
that bypasses the conventional concentrating and smelting 
steps to produce refined copper. Using this approach, we expect 
output to average 17,000 tonnes of copper cathode annually.
The process is relatively straight forward and low risk. Once ore 
is mined it is fed to a three-stage crushing plant. The crushed ore 
is then agglomerated with sulphuric acid and stacked onto four 
to six metre high heaps for leaching with dilute sulphuric acid. 
The resulting ‘pregnant’ liquor containing the dissolved copper 
is collected from the base of the pads and upgraded through the 
SX to a clean high grade electrolyte which is pumped to the EW 
cell house where copper is plated onto cathodes. The 99.99% 
pure copper sheets are then stripped from the cathodes, bundled 
together and transported to the deep water port of Walvis Bay and 
exported to fabricators around the world. Overall metal recovery 
is expected to be 85% of the copper contained in the ore.
Towards the end of 2014, we expect to commission the crushing 
plant and begin building the first ore pads for leaching. In 
the first quarter of 2015 we will install the plastic pipes and 
drippers and commence irrigation. We would then expect 
to commission the SW-EX plant in the same quarter before 
producing our first copper in the second quarter of the year.
Tschudi is expected to employ approximately 500 people in the 
operating stage. Tsumeb, the closest town, is well developed 
with respect to services, amenities and accommodation.
2015 will truly mark the start of a new chapter in the Weatherly story. OPERATIONS REVIEW
Chuck is a geologist with 
over 20 years’ experience in 
mining and has worked in 
organisations ranging from grass 
roots exploration to large scale 
producing mines. Most recently 
he was Chief Executive Officer 
with Aussie Q Resources Ltd and 
previously at the Ballarat Gold 
Mine in senior technical roles.
CHUCK CARNIE
General Manager –  
Central Operations  19 Weatherly International plc Annual Report and Accounts 2014
STRA TEGIC REPORT CORPORA TE GOVERNANCE FINANCIAL ST A TEMENTS
CENTRAL OPERATIONS
Otjihase 
Located 18km north east of the 
Capital Windhoek, the Otjihase 
deposit comprises of five sub-
parallel, spatula-shaped, 
mineralised zones namely Shoot 
A, Shoot B, Shoot 2, Shoot 3 and 
Shoot 4. Shoots A and B are known 
collectively as the Main Shoot in 
mine terminology because of their 
close proximity, but geologically they 
are separate entities. The Otjihase 
Orebody has a JORC resource of 
8.9mt at 1.8% Copper, and a JORC 
reserve of 2.2mt @ 1.5% Copper. 
Matchless
Located 30km south west of 
Windhoek, Matchless was first 
opened in 1855. Matchless consists 
of an East Shoot, West Shoot, 
River Shoot, (collectively ‘Old 
Matchless’) and the MWE Orebody. 
Old Matchless has a historical 
reserve of approx 1mt at 2.5% Cu 
and at the MWE there is a JORC 
reserve of 0.3mt @ 1.8% Copper. 
Current Output 
Otjihase and Matchless collectively 
produced 5086 tonnes of Contained 
Copper in the past financial year. 
The final quarter, three months 
ending 30 June 2014 saw the highest 
achieved production to date since 
the mine was opened and would 
equate to an annualised rate of over 
6,000 tonnes of copper per annum. 
Future Prospects 
At Otjihase there has been a 
significant reduction in overall 
manning without loss of capability. 
There has also been heavy 
investment in new equipment: three 
new trucks, two new scoops, and 
a rebuilt drill jumbo during the 
latter part of the year. The mining 
strategy at Otjihase is to move 
from costly and complicated pillar 
recovery to primary mining. A new 
area, known as the Hoffnung Fault 
West has been accessed and the 
first ore has been mined. At the 
same time, considerable effort 
has gone into steamlining the 
existing pillar recovery activities.
At Matchless, plans are underway 
to open a mining school based 
around the development heading to 
‘Old Matchless’. The focus during 
the year has been on improving the 
open stoping method which was 
introduced to replace the cut and fill 
method. This has led to significant 
gains in the production and a 
reduction in levels of grade dilution.
Overall these initiatives have led 
to the previous quarter producing 
the highest tonnage since the mine 
reopened in 2011 (1507 tonnes) 
and the lowest cost for the last 
two years. These improvements 
give us further confidence we can 
achieve our production target 
of 7,000 tonnes per year and a 
considerably lower operating cost.  20 Weatherly International plc Annual Report and Accounts 2014
PRINCIPAL RISKS AND UNCERTAINTIES
The Group is exposed to a number of risks and uncertainties which could have a 
material impact on the performance of the business. The management of these 
risks is an important part of the day-to-day responsibility of the management 
team.
The Board recognises the risks below as the principal risks within the business
Nature of Risk How we manage it
Production Risk at Central Operations
The production of copper is dependent on producing 
sufficient ore with the required copper content.
Impact
Reduced copper production with subsequent loss of 
revenues.
We have an annual production plan that we monitor 
performance against on a daily and monthly basis. The 
grade of the ore is sampled and estimated in different areas 
of the mine and metal recovered is reconciled with the plan. 
Tonnage is affected by a number of factors including:
(1)  Machinery availability – We ensure machines are over-
hauled periodically and replaced as they age. 
(2)  Staff skills – We endeavour to ensure staff are adequate 
and suitably trained in the latest production techniques. 
Construction Risk at Tschudi
There is a risk that the Tschudi production plant is 
completed later than scheduled.
Impact
There will be a loss of revenue and increased costs  
due to down time.
The Tschudi development is managed by a professional 
team from Logiman, in turn overseen by our own project 
team. We maintain a list of all risk factors associated with 
the project, rank each risk and what we can do to mitigate 
it. A weekly meeting is held to look at ways the risk can be 
reduced or eliminated.
Process Risk Tschudi
There is a risk that the leaching process and SX-EW plant 
does not produce the amount of copper cathode that we 
expect.
Impact
A loss of revenue. 
During the feasibility stage of the project we drilled a 
large number of holes to provide samples for testwork 
to determine the hydro-metallurgical and leaching 
characteristics of the ore. We modelled our production 
process around these results to ensure we have the right 
quantity of each ore type at all times.
Retention of Key Personnel
The achievement of the Groups objectives are dependent 
on the Group attracting and retaining qualified and 
motivated staff.
Impact
The efficiency of a particular aspect of the Group’s 
operations would be affected leading to reduced 
profitability.
The Group management annually review the salaries of its 
staff in order to ensure pay levels are competitive
Senior Management receives share options as determined 
by the Remuneration Committee to ensure their 
remuneration is linked to the performance of the Company.  21 Weatherly International plc Annual Report and Accounts 2014
STRA TEGIC REPORT CORPORA TE GOVERNANCE FINANCIAL ST A TEMENTS
Nature of Risk How we manage it
Safety and Environmental risk
There is a risk that the Group’s operations are suspended 
or terminated due to safety or environmental factors.
Impact
Reduced copper production at Central Operations or 
suspension of construction at Tschudi.
The Group employs a Safety Officer to ensure the Company 
complies with its safety management systems. The Safety 
Officer records all incidents and assesses the Company’s 
needs with respect to training, procedural changes 
and ways of improving the Company’s overall safety 
performance.
Each site has to submit an Environmental Management 
Plan (EMP) to the Ministry of Environment and Tourism. All 
sites have had their EMPs approved and we operate in such 
a way as to ensure full compliance.
Copper Price and Exchange Rate
There is a risk that copper prices and exchange rates  
move to levels that make our mines uneconomic.
Impact
The mines would be loss making.
More details of these and other financial risks are 
contained in note 33.
The Group has in the past hedged both the copper price 
and currency and would again if it felt it was appropriate. 
The mines generate sufficient cash that under most 
reasonable scenarios they can continue to operate.
Country Risk
Some investors perceive Namibia as a high risk country.
Impact
Legislative changes could impact on the Company’s 
operations.
The Fraser Institute rates Namibia as one of the top three 
countries in Africa. The Government pursues a constant 
strategy of encouraging investment in the country and is 
keen to keep the climate attractive for foreign investors. 
Weatherly maintains strong contact with the Minister 
of Mines and other Government members and officials. 
Weatherly has been operating in Namibia for eight years 
and all its Namibian companies have local boards with 
predominantly Namibian representation. 22 Weatherly International plc Annual Report and Accounts 2014
KEY PERFORMANCE INDICATORS
The Board sets key performance indicators relevant to the stage of operation of 
the mines. Safety and adherence to environmental legislation are of paramount 
concern across all our mines. For those mines within Central Operations, 
Otjihase and Matchless, our cost per tonne and overall production levels are key 
measures of performance. For Tschudi which is in the development stage, the 
key measure is being on budget in terms of time and cost. The Board is 
conscious that shareholder return is of paramount importance and share price 
is a key measure for the business.
KPI Measure Performance
Health and Safety Management Lost time injury frequency Reduced by 42% in the year. For further 
information see page 23.
Environmental Management Compliance with legislation We have been fully compliant with 
legislation in the year. We are currently 
developing an environmental management 
system which will meet international 
standard ISO 14001. For further 
information see page 23.
Tschudi development On budget, on time. Tschudi is currently anticipated to be on 
budget and first copper is anticipated to be 
on schedule for the second quarter of the 
year. For further information see pages 
15–17.
Central Operations Production Ore treated
Copper tonnes
Tonnes treated declined by 3.2% while 
copper tonnes declined by only 1.8% 
due to improved grade. The Company 
has reacted by undertaking a number of 
initiatives to improve efficiency including 
owner mining, improved mining methods 
and investing in capital programes. The 
benefit of these initiatives could be seen 
in the final quarter of the year. For more 
information see page 19.
Central Operations costs C1 cost There was an increase of US$197/tonne 
in the C1 cost year-on-year. See Central 
Operations production above for the 
initiatives the Group has taken to reduce 
the C1 cost.
Shareholder return Share price performance The share price increased slightly in 
the year ending at 2.88p from a starting 
position of 2.62p. The Board believe the 
value of the Tschudi project is not fully 
recognised within this share price and 
would anticipate an increase as the project 
is de-risked and moves to full production.   23 Weatherly International plc Annual Report and Accounts 2014
STRA TEGIC REPORT CORPORA TE GOVERNANCE FINANCIAL ST A TEMENTS
CORPORATE AND SOCIAL RESPONSIBILITY (CSR)
Weatherly is committed to 
complying with all Health and 
Safety, environmental and social 
legislation in the countries in 
which it operates and protecting 
the Health and general well being 
of its employees and contractors. 
It is committed to preserving the 
environment and the communities 
in the areas where we operate.
Environment
Concern for the environment is of 
upmost importance to Weatherly. 
As well as meeting all the 
environmental standards required 
by Namibian legislation it is our 
policy to reduce to a minimum the 
potential environmental impact of our 
activities and have a positive impact 
on the areas in which we operate.
We have adopted an integrated 
approach to the way we manage our 
Environmental responsibilities. The 
management system (currently under 
development) will also align to the 
international standard ISO 14001 
Environmental Management Systems 
to ensure the Company takes a 
proactive and holistic view towards 
health, safety and the environment. 
Our commitment to minimising 
potential environmental impacts 
extends throughout our management 
practices, policies and standards.
For more details of the initiatives 
that took place in the current year 
see the environmental section of the 
Chief Executive report on page 11. 
Health, Safety and Security
The health, safety and security of 
the personnel and communities in 
which we operate takes priority in the 
management of our operations. Our 
goal is to prevent injury and ill health 
to employees and contractors by 
providing a safe and healthy working 
environment and by minimising risks 
associated with occupational hazards.
Weatherly is developing an 
integrated management system 
aligned to OSHAS 18001 and ISO 
14001. For more information see 
the safety section of the Chief 
Executive report on page 9.
Business Ethics
Weatherly is committed to carrying 
out all its operations with high moral 
and legal standards. Weatherly has 
a well developed Anti corruption 
and Anti bribery policy in line 
with the Bribery Act. All staff are 
made aware of their obligations 
on recruitment and with periodical 
updates. The Company maintains 
a ‘whistle blower’ programme. 24 Weatherly International plc Annual Report and Accounts 2014
RESERVES AND RESOURCES STATEMENT
All reserves and resources in tables A and B below have been updated by a competent person, A Thomson BSc (Hons) 
Geology, Country Manager & Technical Director, Weatherly Mining Namibia, member of South African Council for 
Natural Scientific Professions (registered number 400052/86), in accordance with the Australian Code of Reporting 
Mineral Resources and Reserves (JORC).
Table A
Weatherly Mining Namibia: Mineral Reserves as at 30 June 2014
Reserve Tonnes and Grade Contained Metal
Deposits Reserve Category Tonnes Cu (%) Ag (g/t) Au (g/t) Cu (t) Ag (kg) Au (kg)
Underground (at 1% cut off)
Otjihase Proven 921,064 1.74 7.06 0.40 16,084 6,508 374
Probable 1,230,754 1.28 7.15 0.18 15,762 8,801 218
Total 2,151,818 1.48 7.11 0.28 31,846 15,309 592
Matchless 
(West Extension) Proven – – – – – – –
Probable 289,190 1.83 – – 5,295 – –
Total 289,190 1.83 – – 5,295 – –
Grand Total – Underground 2,441,008 1.52 6.27 0.24 37,141 15,309 592
Net attributable to Weatherly (96.5%) 2,355,573 1.52 6.27 0.24 35,841 14,773 571
Open Pit (at 0.3% cut off)
Tschudi Proven 4,360,000 1.14 – – 49,765 – –
Probable 18,340,000 0.90 – – 164,937 – –
Total 22,700,000 0.95 – – 208,102 – –
Net attributable to Weatherly (96.5%) 21,905,500 0.95 – – 215,650 – –
Table B
Weatherly Mining Namibia: Mineral Resources as at 30 June 2014
Deposit
In Situ Metal
Resource Category Tonnes Cu (%) Ag (g/t) Au (g/t) Cu (t) Ag (kg) Au (kg)
(at 1% cut off) 
Otjihase Measured 1,279,257 2.32 9.42 0.54 29,786 12,053 693
Indicated 4,190,379 1.95 7.70 0.32 81,619 32,275 1,330
Inferred 3,402,131 1.38 5.73 0.23 46,841 19,483 775
Total 8,871,767 1.78 7.19 0.32 158,246 63,811 2,798
*Matchless 
(West Extension) Measured – – – – – – –
Indicated 280,224 3.14 – – 8,796 – –
Inferred 230,460 2.32 – – 5,346 – –
Total 510,684 2.77 – – 14,142 – –
Tsumeb West Measured 35,255 2.45 13 – 864 458 –
Indicated 520,400 2.24 20.02 – 11,680 10,417 –
Inferred 413,200 1.88 16.35 – 7,757 6,757 –
Total 968,855 2.09 18.20 – 20,301 17,632 –
Grand Total 10,351,306 1.86 7.86 0.27 192,689 81,443 2,798
Net attributable to Weatherly (96.5%) 9,989,010 1.86 7.86 0.27 185,945 81,443 2,798
(at 0% cut off)
Tschudi Measured 4,449,000 1.09 11.12 – 48,550 – –
Indicated 28,882,000 0.85 10.30 – 247,979 – –
Inferred 19,699,000 0.72 9.75 – 142,205 – –
Net attributable to Weatherly Total 53,030,000 0.83 10.16 – 438,734 – –
Tsumeb Tailings Measured 12,000,000 0.48 12.74 – 57,600 152,880 –
Net attributable to Weatherly (96.5%) 11,580,000 0.48 12.74 – 55,584 152,880 –
Note: 
*  In addition to the reserves and resources contained in the table above, Old Matchless has a historical (non-compliant) reserve (Chaplin, TCL, 1984) of 812,639t at 2.4% 
equating to 19,506t of copper.
* Reserves is a sub set of resources and not in addition to them.  25 Weatherly International plc Annual Report and Accounts 2014
STRA TEGIC REPORT CORPORA TE GOVERNANCE FINANCIAL ST A TEMENTS
Table C
Weatherly Mining Namibia: Historical Resources
Reserves contained in Table C are ‘historical’ and although most were prepared at the time in accordance with 
South African reporting standards (SAMREC) they will not comply with current standards until a further process of 
independent verification has been carried out.
Deposit Tonnes Cu (%) Pb (%) Zn (%) Ag (g/t) Au (g/t) Cu (t) Pb (t) Zn (t) Ag (kg) Au (kg)
Old Matchless Mine* 1,060,000 2.50 – – – – 26,500 – – – –
Tsumeb Mine (Open Pit) 150,000 2.96 – – 61.0 – 4,440 – – 9,150 –
Uris Mining Area 180,000 2.27 – – – – 4,086 – – – –
Total: Historical 
Resources 1,390,000 2.51 – – 6.6 – 35,026 – – 9,150 –
Net attributable to 
Weatherly (96.5%) 1,341,350 2.5 – – 6.6 – 33,800 – – 8,830 –
*Remaining resource/reserve calculated by Tsumeb Corporation Limited in 1984
The Strategic Report on pages 2 to 14 was approved by the Board of Directors on 6 October 2014 and was signed on its 
behalf by Rod Webster, Chief Executive Officer.
Rod Webster
Chief Executive Officer 26 Weatherly International plc Annual Report and Accounts 2014
Alan Stephens 
joined Weatherly in 
July 2008 and has nearly 40 
years of experience in the mining 
industry. Alan is currently President, 
CEO and Director of Coro Mining 
Corp, a TSX quoted, Latin American 
focused, copper development 
company with an advanced copper-
gold project in Argentina and several 
earlier stage projects in Chile. Alan 
has experience across Africa, 
Europe, Asia and Latin America.
Rod Webster 
is a graduate mining 
engineer from the University 
of Sydney. He has over 40 years’ 
experience in the resources industry, 
including 20 years in managing 
director or chief executive positions. 
Prior to founding Weatherly, he was 
with First Quantum Minerals (CEO 
Kansanshi Mining), Western Metals 
(CEO & founder), Homestake Gold  
and BHP Minerals. 
ALAN STEPHENS
Senior Independent  
Non-Executive Director
ROD WEBSTER
1
Chief Executive Officer
JOHN BRYANT
Non-Executive Chairman
John Bryant 
is the Senior 
Independent Director of AIM 
listed IGas plc and a Non-Executive 
Director of China Africa Resources. 
He was previously Chairman of  
Gas Turbine Efficiency plc, KP 
Renewables plc and a board member 
of Attiki (Athens) Gas Company. He 
also served as President of Cinergy 
Global Resources Corp, responsible 
for all international business and 
global renewable power operations  
of this US-based electricity and gas  
utility provider.
UK PLC BOARD
Dr Wolf 
Martinick is an 
environmental scientist with 
over 40 years of international 
experience in the mineral resource 
industry. He is a Non-Executive 
Director of a number of ASX 
companies including Azure Minerals 
Ltd; Sun Resources Limited; and is 
Executive Chairman of Oro Verde 
Limited. Dr Martinick is a Fellow of 
the Australian Institute of Mining and 
Metallurgy and was founding 
chairman of Weatherly.
Charilaos 
Stavrakis served 
the Republic of Cyprus as 
Finance Minister from 2008 to 2011 
and was the Governor for the 
Republic of Cyprus at the European 
Investment Bank (EIB). He has over 
25 years’ experience in banking, the 
majority of time spent at the Bank  
of Cyprus, where he ultimately held 
the role of Deputy Group CEO from 
2005 to 2008. He is a graduate of 
Economics from the University of 
Cambridge and holds a MBA from 
Harvard University.
DR WOLF MARTINICK 
Non-Executive Director
CHARILAOS STAVRAKIS
Non-Executive Director
1  Rod Webster, Group Director and CEO also Chairman of Weatherly Mining Namibia and subsidiaries.
2 Chief Financial Officer and Company Secretary, also director of Weatherly Mining Namibia and subsidiaries.
Kevin Ellis  
is a Chartered 
Accountant and Weatherly’s 
Chief Financial Officer and Group 
Company Secretary based in our 
London office. He has lengthy 
experience in senior financial 
positions across a number of 
industries. He worked in Namibia for 
five years including a year as 
Financial Controller of Weatherly’s 
Namibia Operations.
KEVIN ELLIS
2
Chief Financial Officer and 
Company Secretary  27 Weatherly International plc Annual Report and Accounts 2014
STRA TEGIC REPORT CORPORA TE GOVERNANCE FINANCIAL ST A TEMENTS
Titus Haimbili 
has more than 28 
years of experience in both 
the private and public sector in Senior 
Executive roles; General Manager, 
Chief Executive and Chairman of  
the Board. He was most recently 
employed as the Chief Executive 
Officer of TransNamib, the Namibian 
para-statal Rail service provider  
and is currently serving as a Senior 
Lecturer in Business Management  
at the International University of 
Management (IUM), Namibia. He 
received a Masters of Business 
Administration at University of 
Maastricht, Netherlands and is 
currently studying a Doctorate of 
Business Administration at the 
University of Namibia.
TITUS HAIMBILI 
Non-Executive Director
Frans 
Ndoroma is 
Managing Director of Telecom 
Namibia Limited as of 1 November 
2002, he was simultaneously Chief 
Executive Officer of Namibia Post & 
Telecom Holdings Limited (NPTH), 
the company under which Telecom 
Namibia, NamPost and Mobile 
Telecoms (MTC) reside. Frans is a 
metallurgical graduate with over 21 
years with NAMDEB, and Manager  
of the Orange River Mines also 
Assistant General Manager of 
NAMDEB. He is a director on several 
boards including Neotel, and De 
Beers Marine Namibia.
FRANS J P NDOROMA 
Non-Executive Director
Cleophas 
Mutjavikua brings a 
wealth of experience to the 
Weatherly Board in Namibia. He was 
General Secretary of the Mineworkers 
Union in Namibia, in charge of 
Industrial Relations for the City of 
Windhoek and is now Regional 
Governor for the Erongo Region in 
Namibia. He has held a number of 
board roles including The Roads 
Construction Company in Namibia, 
the Meat Board in Namibia, Labor 
Investors Holdings, MOBIPAY, 
Namibia Customer Smelters, Sanlam 
investment management, and Prime 
Health Namibia.
CLEOPHAS MUTJAVIKUA 
Senior Non-Executive Director
WEATHERLY MINING NAMIBIA & SUBSIDIARIES BOARD
Craig Thomas 
is an Australian 
mining engineer with over 20 
years of diverse operational 
experience in Australia, Botswana 
and Papua New Guinea, most recently 
working as General Manager of the 
Ballarat Gold Mine with Lihir Gold 
Limited. He has played key leadership 
roles in the development and 
production start-up of several 
underground and open pit mines, 
including the Pillara and Ballarat 
mines in Australia, the Porgera mine 
in Papua New Guinea and the Mupane 
mine in Botswana.
Andrew 
Thomson is a 
Namibian geologist, studied 
at the University of Natal, South 
Africa. Mr Thomson has worked in 
various senior roles from Chief 
Geologist, General Manager of the 
Otjihase mine, Technical Director and 
Country Manager.
CRAIG THOMAS
Managing Director
ANDREW THOMPSON
Technical Director 28 Weatherly International plc Annual Report and Accounts 2014
Introduction
The Board of Directors is committed to high standards of corporate governance.
The Board is accountable to its shareholders for good governance, and the statement below is based on the review 
of corporate governance that was carried out by the Audit Committee and describes how the principles of good 
governance have been applied.
Constitution of the Board
During the year ended 30 June 2014, the Board was comprised of the following:
John Bryant   Chairman 
Rod Webster  Chief Executive Officer
Alan Stephens   Senior Independent Non-Executive Director 
Wolf Martinick  Non-Executive Director
Charilaos Stavrakis Non-Executive Director 
Non-Executive Directors
During the year, the Board had four Non-Executive Directors: John Bryant (Non-Executive Chairman), Alan Stephens, 
(Senior Independent Non-Executive Director), Wolf Martinick and Charilaos Stavrakis. Alan Stephens, John Bryant and 
Charilaos Stavrakis were considered to be independent. Due to the size of Wolf Martinick’s shareholding of 3.12% he is 
not considered to be an independent Director. The relatively small number of share options that have been granted to 
the other three Non-Executive Directors does not, in the opinion of Weatherly’s advisers or its Directors, impair their 
independence.
Committees of the Board
The Board has three Standing Committees, each of which has terms of reference setting out its authority and duties, 
as follows:
The Audit Committee was made up of Charilaos Stavrakis as Chairman, Alan Stephens and John Bryant for the year 
ended 30 June 2014.
The Audit Committee meets as required. It reviews the financial reports and accounts and the preliminary and 
interim statements, including the Board’s statement on internal financial control in the annual report, prior to their 
submission to the Board for approval. The Audit Committee also reviews corporate governance within the Group and 
reports on this to the Board. In addition, it assesses the overall performance of the external auditor including scope, 
cost-effectiveness and objectivity of the audit.
The Audit Committee is also charged with reviewing the independence of the external auditor and monitors the level 
of non-audit fees. These fees are disclosed in note 10 to the accounts. In the opinion of the Audit Committee, which 
has reviewed these fees and the procedures that Grant Thornton UK LLP have in place to ensure they retain their 
independence, the auditor’s independence is not compromised. The Audit Committee met twice during the period, and 
all committee members were present on each occasion.
The Audit Committee can meet for private discussion with the external auditor, who attends these meetings as 
required. The Company Secretary acts as secretary to the Committee.
CORPORATE GOVERNANCE REPORT  29 Weatherly International plc Annual Report and Accounts 2014
STRA TEGIC REPORT CORPORA TE GOVERNANCE FINANCIAL ST A TEMENTS
The Remuneration Committee was made up of Alan Stephens as Chairman, John Bryant and Charilaos Stavrakis. 
The Remuneration Committee determines, on behalf of the Board, the Group’s policy on executive remuneration 
and the remuneration packages for Executive Directors. It also approves and administers the executive share option 
scheme and the grant of options as part of the remuneration package. The Remuneration Committee met once during 
the period, with all committee members in attendance on each occasion. 
The Nominations Committee is made up of John Bryant and Rod Webster with either Wolf Martinick or Alan Stephens.
In addition to its role of considering the appointment of Directors and senior managers, the Nominations Committee is 
also charged with reporting to the Board on the effectiveness of the Board, its sub-committees and its Directors, and 
it does this at the end of the annual audit cycle. The Nominations Committee did not meet in the year. 
Attendance at Meetings
During the year, there were 13 Board meetings. Directors’ attendance at meetings of the Board and its sub-
committees during the period was as follows:
John Bryant Board 13/13 Audit Committee 2/2 Remuneration Committee 1/1
Rod Webster Board 13/13
Alan Stephens Board 13/13 Audit Committee 2/2 Remuneration Committee 1/1
Wolf Martinick Board 9/13
Charilaos Stavrakis Board 11/13 Audit Committee 2/2 Remuneration Committee 1/1
Of the 13 Board meetings, three were of a procedural nature and 10 were substantive meetings. 
The Nominations Committee did not meet in the year. 
The Board is responsible for reviewing and approving the adequacy and effectiveness of the Group’s internal controls, 
including financial and operational control, risk management and compliance.
In order to establish effective procedures for internal control and communicate these throughout the Group, including 
its subsidiaries, the Board has issued two important documents to all staff known as the Board Protocol and the 
Manual of Internal Control.
The key elements of the Group’s internal control are set out in these documents, and contain:
• a clearly defined structure for the Group, its subsidiaries and management teams;
• powers which the Board has reserved to itself. These include the approval of all business plans and budgets for the 
Group and all its subsidiaries, the establishment of subsidiary companies and appointment of Directors to them, and 
the process for project approval and capital expenditure;
• terms of reference for the Audit, Remuneration and Nominations Committees, which define the roles of their 
members;
• information about how often the Board should meet (as a minimum) and an annual cycle of meetings. This 
covers the process for the preparation of Board agendas and Board papers, and their prior consideration by the 
management team at its weekly meetings;
• detailed business plans and budgets to be approved annually and performance monitored by the management team 
and the Board at its monthly meetings; and
• procedures for the approval of expenditure, the levels of authority and the management controls.
The Directors acknowledge their responsibility for the Group’s system of internal financial control and risk 
management, and place considerable importance on maintaining this. The Manual of Internal Control and the process 
for authorisation that it imposes, together with the Board Protocol setting out the process for authorising business 
plans, budgets and projects, form an important part of our decision-making process; however, this can only provide 
reasonable and not absolute assurance against material errors, losses or fraud. 30 Weatherly International plc Annual Report and Accounts 2014
There is currently no internal audit function within the Group owing to the small size of the administrative function. 
There is however a high level of review by Directors and a clear requirement for them to authorise transactions. 
Should the need for a separate internal audit function become apparent, the Board will establish one.
The Board Protocol and the Manual of Internal Control have both been updated and refined as Weatherly’s business 
evolves and grows. 
Bribery Act Compliance
In response to the introduction of the Bribery Act 2010 and in order to ensure compliance, the Board approved a suite 
of documentation that included a policy statement on anti-corruption and bribery, a code of conduct for employees, a 
set of management procedures, a note defining responsibilities within the Company and an implementation plan which 
has been rolled out in the Company. Progress on the implementation has been reported to the Audit Committee. The 
Audit Committee noted that documentation has been circulated and meetings to explain the procedures have been 
held with all staff and contractors on site including our operating mines in Namibia. Notices have been displayed at 
our locations with the ‘whistle-blowing’ procedure. The implementation and effectiveness of these procedures is 
continually monitored and reported to the Board. This year members of the senior management team in Namibia 
were interviewed and confirmed that all new members of staff and all new contractors had been instructed on the 
Company’s policies and procedures for compliance with the Bribery Act and there were no issues arising from this.
Relations with Shareholders
The Company endeavours to maintain regular communications with shareholders through regulatory announcements, 
via the Weatherly International website and by direct contact with its major shareholders. Rod Webster has taken the 
opportunity to meet the smaller shareholders at regular investor presentations. The Board values the views of its 
shareholders and fosters continuing dialogue with investment and fund managers, other investors and equity analysts 
to ensure that the investing community receives an informed view of the Group’s prospects, plans and progress. 
CORPORATE GOVERNANCE REPORT CONTINUED  31 Weatherly International plc Annual Report and Accounts 2014
STRA TEGIC REPORT CORPORA TE GOVERNANCE FINANCIAL ST A TEMENTS
Remuneration Committee
The Company has established a Remuneration Committee which is constituted in accordance with the 
recommendations of the UK Corporate Governance Code (June 2010). The members of the Committee for the year 
ended 30 June 2014 were Alan Stephens, John Bryant and Charilaos Stavrakis, who are independent Non-Executive 
Directors, and the Committee was chaired by Alan Stephens.
None of the members of the Committee has any personal financial interest (other than as a shareholder), conflicts of 
interests arising from cross-directorships, or day-to-day involvement in running the business. The Committee makes 
recommendations to the Board. No Director plays a part in any discussion about his own remuneration.
Remuneration Policy for the Executive Directors
Executive remuneration packages are designed to attract, motivate and retain Directors of the highest calibre to lead 
the Company and to reward them for enhancing value to shareholders. The performance management of the Executive 
Directors and key members of senior management, and the determination of their annual remuneration package, are 
undertaken by the Committee.
There are five main elements of the remuneration package for Executive Directors and senior management:
• basic annual salary;
• benefits in kind;
• annual bonus payments;
• share option incentives;
• pension arrangements.
The Company’s policy is that a substantial proportion of the remuneration of the Executive Directors should 
be performance related. Executive Directors may earn an annual bonus payment together with the benefits of 
participation in share option schemes.
Basic Salary
An Executive Director’s basic salary is reviewed by the Committee prior to the beginning of each year and when an 
individual changes position or responsibility. In deciding appropriate levels, the Committee considers the Group as 
a whole and relies on objective research which gives up-to-date information on a comparable group of companies. 
In considering the Chief Executive’s basic salary, the Remuneration Committee took into account his extensive 
responsibilities.
Benefits in Kind
The Executive Director receives benefits in kind, principally private medical insurance. 
Annual Bonus Payments
The Committee establishes the objectives that must be met for each financial year if a cash bonus is to be paid. In 
setting appropriate bonus parameters, the Committee refers to the objective research on a comparator group of 
companies, as noted above. The Committee believes that any compensation awarded should be tied to the interests 
of the Company’s shareholders and that the principal measure of those interests is total shareholder return. 
Account is also taken of the relative success of the different parts of the business for which the Executive Directors 
are responsible and the extent to which the strategic objectives set by the Board are being met. The maximum 
performance-related bonus that can be achieved is 100% of basic annual salary. The strategic objectives, control 
system and indicators are also aligned to total shareholder return.
DIRECTORS’ REMUNERATION REPORT 32 Weatherly International plc Annual Report and Accounts 2014
Share Options
The Company has issued share options to its staff under an unapproved share option scheme. The Remuneration 
Committee has responsibility for the administration of the scheme and the granting of options under its terms. This 
includes setting the performance criteria when appropriate and the strike price of the options. The details of these 
awards are set out below and their accounting treatment is dealt with in note 31 to the financial statements. 
Pension Arrangements
Executive Directors receive pension contributions to their own private pension schemes. 
Directors’ Contracts
All the Directors have signed contracts with the Company. Rod Webster’s appointment does not have a fixed term but 
is subject to 12 months’ notice by either party. The Non-Executive Directors are appointed for a fixed term: John Bryant 
and Wolf Martinick for two years, Alan Stephens and Charilaos Stavrakis for three years. These may be terminated by 
giving two months’ notice, without compensation for loss of office. All newly appointed Directors are required to offer 
themselves for election at the next Annual General Meeting of the Company and their appointments are subject to 
them being so elected. Non-Executive remuneration is determined by the Board within the limits set by the Articles of 
Association and is based on independent salary surveys of fees paid to Non-Executive Directors of similar companies. 
The basic salary paid to each Non-Executive Director in the year was £30,000. The Non-Executive Directors receive 
further fees for additional work performed for the Company on the basis of the number of additional days worked.
Aggregate Directors’ Remuneration
The total amounts for Directors’ remuneration, paid by Weatherly International plc and its subsidiaries, were as 
follows:
Salary 
US$’000
Other fees 
US$’000
Bonus 
US$’000
Benefits
 in kind 
US$’000
Pension 
US$’000
Total 
US$’000
2014
Executive
R J Webster 373 – 83 8 63 527 
Non-Executive
J Bryant 49 86 – – – 135
A Stephens 49 – – – – 49
C Stavrakis 49 – – – – 49
W G Martinick 49 – – – – 49
569 86 83 8 63 809
2013
Executive
R J Webster 358 – – 7 61 426
Non-Executive
J Bryant 47 82 – – – 129
A Stephens 47 – – – – 47
C Stavrakis 21 – – – – 21
W G Martinick 47 – – – – 47
520 82 – 7 61 670
DIRECTORS’ REMUNERATION REPORT CONTINUED  33 Weatherly International plc Annual Report and Accounts 2014
STRA TEGIC REPORT CORPORA TE GOVERNANCE FINANCIAL ST A TEMENTS
Directors’ Share Options
Aggregate Directors’ remuneration disclosed above does not include any amounts for the value of options to acquire 
ordinary shares in the Company granted to or held by the Directors. Details of the total number of options granted to 
date are set out below. 
Name of Director Note 30 June 2014
Warrant/
option price 
pence
R J Webster 1 2,500,000 3.0
R J Webster 3 3,333,333 3.1
J Bryant 1 750,000 3.0
A Stephens 1 750,000 3.0
C Stavrakis 2 750,000 4.1
W G Martinick 1 750,000 3.0
8,833,333
1. Vested one third on 1/4/2011, one third on 1/4/2012, and one third on 1/4/2013.
2. Vest one-third on 11/3/2014, one third on 11/3/2015 and one third 11/3/2016.
3. Vested on 17/6/2014. All options are exercisable for 10 years from the vesting date.
The share price movements during the year were as follows: high of 5.62 pence, low of 2.12 pence and a closing share 
price at 30 June 2014 of 2.88 pence.
There have been no variations to the terms and conditions or performance criteria for Directors’ share options during 
the financial year.
Approval
This report was approved by the Board of Directors on 6 October 2014 and signed on its behalf by:
Rod Webster
Chief Executive Officer 34 Weatherly International plc Annual Report and Accounts 2014
The Directors are responsible for preparing the annual report and the financial statements in accordance with 
applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law, the 
Directors have prepared financial statements in accordance with International Financial Reporting Standards (IFRS) as 
adopted by the European Union. Under company law the Directors must not approve the financial statements unless 
they are satisfied that they give a true and fair view of the state of affairs and profit or loss of the Group for that period. 
In preparing these financial statements, the Directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and estimates that are reasonable and prudent;
• state whether applicable IFRSs have been followed, subject to any material departures disclosed and explained in 
the financial statements; and
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company 
will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the 
Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Company and 
enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible 
for safeguarding the assets of the Group and hence for taking reasonable steps for the prevention and detection of 
fraud and other irregularities.
The Directors confirm that:
• so far as each Director is aware, there is no relevant audit information of which the Company’s auditor is unaware; 
and
• the Directors have taken all the steps that they ought to have taken as Directors in order to make themselves aware 
of any relevant audit information and to establish that the auditors are aware of that information.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on 
the Company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial 
statements may differ from legislation in other jurisdictions.
Auditor
Grant Thornton UK LLP have expressed their willingness to continue in office as auditor, and a resolution to reappoint 
them will be proposed at the forthcoming Annual General Meeting.
During the year ended 30 June 2014 the Board and Audit Committee approved an extension of one year to the period 
of service of the Senior Statutory Auditor responsible for the audit of Weatherly International plc beyond the normal 
five-year period set out in the APB Ethical Standards. As a result the year ended 31 March 2014 was the sixth year for 
which the individual has served.
The Audit Committee determined that following the commencement of the Tschudi project, including the drawdown 
of the Orion loan and the associated capital programme, and other changes in the senior audit team it had been 
in the best interest of audit quality that the current audit partner continued in his role for this sixth year. The Audit 
Committee is satisfied that by the application of safeguards, the extension did not undermine the objectivity and 
independence of the auditor. 
On behalf of the Board:
Rod Webster
Chief Executive Officer
6 October 2014
STATEMENT OF DIRECTORS’ RESPONSIBILITIES  35 Weatherly International plc Annual Report and Accounts 2014
STRA TEGIC REPORT CORPORA TE GOVERNANCE FINANCIAL ST A TEMENTS
DIRECTORS’ REPORT
Principal Activities
The principal activity of Weatherly International plc during the year was to act as a holding company for the Group’s 
activities in mining and production of base metals, primarily copper. 
The subsidiary and associated undertakings principally affecting the profits or net assets of the Group in the year are 
listed in note 19. 
Review of the Business and Future Developments
The review of the business and future developments of the group are included within the Chief Executive’s report on 
page 6.
Financial Risk management has been assessed within note 33.
The Directors
The Directors during the year ended 30 June 2014 were:
J Bryant (Non-Executive Chairman)
R J Webster (Chief Executive Officer)
W G Martinick (Non-Executive)
A J Stephens (Senior Independent Non-Executive)
C G Stavrakis (Non-Executive) 
Directors’ indemnities
Weatherly International plc maintains liability insurance for its Directors and officers during the year and also as at the 
date of the report of the Directors. This group cover extends to and includes the Directors and officers of the Company.
Going Concern
The Group expects to generate sufficient funds to operate as a going concern for 12 months following the signing of the 
accounts, based on its projected production levels and prevailing exchange rates and copper prices. The loan facilities 
available for the capital investment and working capital required for the Tschudi open pit project are believed to be 
adequate to meet the Group’s needs. 
Exchange rates and the price of copper will continue to have a significant impact on the Group’s cash flow.
Results and Dividends
The consolidated loss for the year after taxation was US$5,730,000 (2013 Profit US$ 1,589,000). No dividends were 
declared or paid during the year (2013: US$ nil). 36 Weatherly International plc Annual Report and Accounts 2014
Substantial Holdings
Shareholdings of 3% and more of the issued share capital of the Company were extracted from the shareholders’ 
register at close of business on 15 September 2014 as follows:
Major Shareholders’ Information
Shareholder Name Number of Shares % Holding
Legal & General Investment Mgt 82,722,334 13.42
BlackRock Investment Mgt (UK) 50,603,934 8.21
Logiman CC 43,300,000 7.02
Majedie Asset Management 30,545,561 4.95
Government of the Republic of Namibia 27,364,986 4.44
Roderick John Webster* 27,343,800 4.43
C. Chambers 25,000,000 4.05
Wolf Gerhard Martinick* 19,263,200 3.12
(*Director)
Source: Capita Asset Services
Events Subsequent to Statement of Financial Position Date
There have been no disclosable events subsequent to the date of the statement of Financial Position. 
Exchange Rates
The following rates have been used in the compilation of the financial statements and notes supporting the accounts: 
Translation 2014 2013
Year end 1 GBP – USD 1.71 1.52
Average 1 GBP – USD 1.62 1.57
Year end 1 USD – NAD/ZAR 10.60 9.87
Average 1 USD – NAD/ZAR 10.31 8.66
The use of average rates to translate foreign trading is considered appropriate as the revenue and expenditure is 
relatively stable.
The Directors’ report was approved by the board and signed on its behalf.
John Bryant
Chairman
6 October 2014
DIRECTORS’ REPORT CONTINUED  37 Weatherly International plc Annual Report and Accounts 2014
STRA TEGIC REPORT CORPORA TE GOVERNANCE FINANCIAL ST A TEMENTS
We have audited the Group financial statements of Weatherly International plc for the year ended 30 June 2014, which 
comprise the Consolidated Income Statement, Consolidated Statement of Comprehensive Income, Consolidated 
Statement of Financial Position, Consolidated Statement of Changes in Equity, Consolidated Cash Flow Statement and 
the related notes. The financial reporting framework that has been applied in their preparation is applicable law and 
International Financial Reporting Standards (IFRS) as adopted by the European Union.
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the 
Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members 
those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent 
permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s 
members as a body, for our audit work, for this report, or for the opinions we have formed. 
Respective responsibilities of Directors and auditor
As explained more fully in the Directors’ Responsibilities Statement set out on page 34, the Directors are responsible 
for the preparation of the Group financial statements and for being satisfied that they give a true and fair view. Our 
responsibility is to audit and express an opinion on the Group financial statements in accordance with applicable law 
and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing 
Practices Board’s (APB’s) Ethical Standards for Auditors.
Scope of the audit of the financial statements
A description of the scope of an audit of financial statements is provided on the FRC’s website at 
www.frc.org.uk/apb/scope/private.cfm.
Opinion on financial statements
In our opinion, the Group financial statements:
• give a true and fair view of the state of the Group’s affairs as at 30 June 2014 and of its loss for the year then ended; 
• have been properly prepared in accordance with IFRS as adopted by the European Union; and
• have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the Strategic Report and Directors’ Report in the financial year for which the 
Group financial statements are prepared is consistent with the Group financial statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters. 
Under the Companies Act 2006 we are required to report to you if, in our opinion:
• certain disclosures of Directors’ remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit.
Other matter
We have reported separately on the Parent Company financial statements of Weatherly International plc for the year 
ended 30 June 2014.
Nicholas Page
Senior Statutory Auditor
for and on behalf of Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
Gatwick
6 October 2014
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF WEATHERLY INTERNATIONAL PLC 38 Weatherly International plc Annual Report and Accounts 2014
Note
Year ended 
30 June 
2014 
US$’000
Year ended 
30 June 
2013 
US$’000
Revenue 5 32,222 35,663 
Cost of sales (31,574) (31,252)
Gross profit 648 4,411 
Distribution costs (2,043) (2,422)
Other operating income 6 163 154 
Administrative expenses (3,416) (4,269)
Operating loss 9 (4,648) (2,126)
Compensation settlement 12 – 2,000 
Foreign exchange (loss)/gain (588) 234 
Finance costs 14 (406) (477)
Finance income 13 70 111 
Loss before associated company (5,572) (258)
Share of losses of associated company 19(b) (158) (167)
Loss before tax (5,730) (425)
Tax credit 15 – –
Loss on continuing operations (5,730) (425)
Profit from discontinued operations 8 – 2,014 
(Loss)/profit for the year (5,730) 1,589 
(Loss)/profit attributable to:
Owners of the parent (5,565) 1,915 
Non-controlling interests (165) (326)
(5,730) 1,589 
Total and continuing earning per share (US cents)
(Loss)/earnings from continuing activities 16 (1.00c) –
Earnings from discontinued activities 16 – 0.36c 
Total (1.00c) 0.36c 
Diluted earnings per share (US cents)
(Loss)/earnings from continuing activities 16 (1.00c)
Earnings from discontinued activities 16 – 0.36c
Total (1.00c) 0.36c 
The notes on pages 43 to 71 form part of these financial statements.
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2014  39 Weatherly International plc Annual Report and Accounts 2014
STRA TEGIC REPORT CORPORA TE GOVERNANCE FINANCIAL ST A TEMENTS
Year ended 
30 June 
2014 
US$’000
Year ended 
30 June 
2013
US$’000
(Loss)/profit for the year (5,730) 1,589 
Items that will not be reclassified subsequently to profit and loss
Exchange differences on translation of non-controlling interests – (79)
– (79)
Items that may be reclassified subsequently to profit and loss
Exchange differences on translation of foreign operations (61) (7,468)
(61) (7,468)
Total comprehensive loss for the year (5,791) (5,958)
Total Comprehensive loss attributable to:
Owners of the parent (5,626) (5,553)
Non-controlling interests (165) (405)
(5,791) (5,958)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
AT 30 JUNE 2014 40 Weatherly International plc Annual Report and Accounts 2014
Note
As at 
30 June 
2014 
US$’000
As at 
30 June 
2013 
US$’000
Assets
Non-current assets
Property, plant and equipment 18 67,735 19,898 
Deferred Tax 15 5,239 5,629 
Intangible assets 17 – 5,325 
Investment in associates 19(b) 2,178 2,396 
Trade and other receivables 22 680 731 
Total non-current assets 75,832 33,979 
Current assets
Inventories 21 8,750 7,287 
Trade and other receivables 22 4,211 3,735 
Cash and cash equivalents 24 10,265 7,499 
23,226 18,521 
Non-current assets held for sale 20 772 772 
23,998 19,293 
Total assets 99,830 53,272 
Current liabilities
Trade and other payables 26 4,541 4,377 
Loans 25 1,856 901
Inventory Loans 25 6,984 4,529
Total current liabilities 13,381 9,807 
Non-current liabilities
Loans 25 47,917 3,724 
Provisions 27 – 203 
Total non-current liabilities 47,917 3,927 
Total liabilities 61,298 13,734 
Net assets 38,532 39,538 
Equity
Issued capital 28 5,250 4,581 
Share premium 9,998 6,092 
Merger reserve 18,471 18,471 
Share-based payments reserve 605 464 
Foreign exchange reserve (18,831) (18,770)
Retained earnings 23,115 28,611 
Equity attributable to shareholders of the Parent Company 38,608 39,449 
Non-controlling interests 29 (76) 89 
38,532 39,538
On behalf of the Board:
R J Webster
Chief Executive Officer
Approved by the Board on 6 October 2014
The notes on pages 43 to 71 form part of these financial statements.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AT 30 JUNE 2014  41 Weatherly International plc Annual Report and Accounts 2014
STRA TEGIC REPORT CORPORA TE GOVERNANCE FINANCIAL ST A TEMENTS
Issued 
capital 
US$’000
Share 
premium 
US$’000
Merger 
reserve 
US$’000
Share-based 
payment 
reserve 
US$’000
Foreign 
exchange 
reserve 
US$’000
Retained 
earnings 
US$’000
Total 
US$’000
Non-
controlling 
interests 
US$’000
Total 
equity 
US$’000
Balance at 30 June 2012 4,581 6,092 18,471 486 (11,302) 26,526 44,854 494 45,348 
Share-based payments – – – 148 – – 148 – 148 
Lapsed options and warrants – – – (170) – 170 – – –
Transactions with owners – – – (22) – 170 148 – 148 
Profit/(loss) for the period – – – – – 1,915 1,915 (326) 1,589 
Other comprehensive income
Exchange differences on 
translation of foreign operations – – – – (7,468) – (7,468) (79) (7,547)
Total comprehensive income for 
the year – – – – (7,468) 1,915 (5,553) (405) (5,959)
Balance at 30 June 2013 4,581 6,092 18,471 464 (18,770) 28,611 39,449 89 39,538 
Issue of Share capital 669 4,046 – – – – 4,715 – 4,715 
Share issue costs – (140) – – – – (140) – (140)
Share-based payments – – – 210 – – 210 – 210 
Lapsed options and warrants – – – (69) – 69 – – –
Transactions with owners 669 3,906 – 141 – 69 4,785 – 4,785 
Profit/(loss) for the period – – – – – (5,565) (5,565) (165) (5,730)
Other comprehensive income
Exchange differences on 
translation of foreign operations – – – – (61) – (61) – (61)
Total comprehensive income for 
the year – – – – (61) (5,565) (5,626) (165) (5,791)
Balance at 30 June 2014 5,250 9,998 18,471 605 (18,831) 23,115 38,608 (76) 38,532
 
The notes on pages 43 to 71 form part of these financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2014 42 Weatherly International plc Annual Report and Accounts 2014
Note
Year ended 
30 June 
2014 
US$’000
Year ended 
30 June 
2013 
US$’000
Cash flows from operating activities
Loss for the year on continuing activities (5,730) (425)
Adjusted by:
Depreciation 3,537 5,537 
Share-based payment expenses 210 148 
Loss on disposal of assets – 42 
Loss of associated company 19(b) 158 167 
Compensation for Tambao claim – (2,000)
Finance costs 406 477 
Interest received (70) (111)
(1,489) 3,835 
Movements in working capital
Increase in inventories (1,463) (4,720)
(Increase)/decrease in trade and other receivables (476) 1,724 
Increase in working capital loans 2,455 3,871 
Increase/(decrease) in trade and other payables 458 (987)
Net cash (used by)/generated by continuing activities (515) 3,723 
Net cash generated by discontinued activities 8 – 2,014 
Net cash (used by)/generated by operating activities (515) 5,737 
Cash flows generated from investing activities
Interest received 70 111 
Payments for property, plant and equipment (46,049) (3,138)
Payments for evaluation of feasibility studies – (2,652)
Receipts for Tambao compensation claim 12 – 2,000 
Net cash used in investing activities (45,979) (3,679)
Cash flows from financing activities
Net proceeds from issue of share capital 4,575 –
Repayment of loans (3,089) (2,381)
Receipt of loans 48,238 –
Interest paid and finance charges (406) (477)
Net cash generated by financing activities 49,318 (2,858)
Increase/(decrease) in cash 2,824 (800)
Reconciliation to net cash
Net cash at 1 July 7,041 7,973 
Increase/(decrease) in cash 2,824 (800)
Foreign exchange gains (39) (132)
Net cash at 30 June 24 9,826 7,041
The notes on pages 43 to 71 form part of these financial statements.
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2014  43 Weatherly International plc Annual Report and Accounts 2014
STRA TEGIC REPORT CORPORA TE GOVERNANCE FINANCIAL ST A TEMENTS
1. Nature of operations and general information
Weatherly International plc and subsidiaries’ (‘the Group’s’) principal activities include the mining and sale of copper.
Weatherly International plc is the Group’s ultimate Parent Company. It is incorporated and domiciled in England. The 
address of Weatherly International plc’s registered office, which is also its principal place of business, is 180 Piccadilly, 
London W1J 9HF. Weatherly International plc’s shares are listed on the Alternative Investment Market (AIM) of the 
London Stock Exchange.
Weatherly International’s financial statements are presented in United States dollars (US$), which is also the 
functional currency of the Parent Company.
These consolidated financial statements were approved for issue by the Board of Directors on 6 October 2014.
2. New accounting standards and amendments
Adoption of new and revised International Financial Reporting Standards
In the current year, the Group has adopted all of the new and revised Standards and Interpretations issued by the 
International Accounting Standards Board (IASB) and the International Financial Reporting Interpretations Committee 
(IFRIC) of the IASB that are relevant to its operations and effective for accounting periods beginning on 1 July 2013.
Changes in accounting policy
At the date of authorisation of these financial statements the following standards and interpretations were in issue but 
not yet effective and therefore have not been applied in these financial statements:
• IFRS 9 Financial Instruments (effective 1 January 2018) (not yet EU adopted)
• IFRS 10 Consolidated Financial Statements (effective 1 January 2014)
• IFRS 11 Joint Arrangements (effective 1 January 2014)
• IFRS 12 Disclosure of Interests in Other Entities (effective 1 January 2014)
• IAS 27 (Revised), Separate Financial Statements (effective 1 January 2014)
• IAS 28 (Revised), Investments in Associates and Joint Ventures (effective 1 January 2014)
• Offsetting Financial Assets and Financial Liabilities – Amendments to IAS 32 (effective 1 January 2014)
• Mandatory Effective Date and Transition Disclosures – Amendments to IFRS 9 and IFRS 7 (effective 1 January 2015)
• Annual Improvements 2010-2012 Cycle (effective 1 July 2014)
• Transition Guidance – Amendments to IFRS 10, IFRS 11 and IFRS 12 (effective 1 January 2014)
• Investment Entities – Amendments to IFRS 10, IFRS 12 and IAS 27 (effective 1 January 2014)
• Recoverable Amount Disclosures for Non-Financial Assets (Amendments to IAS 36) (effective 1 January 2014)
• Novation of Derivatives and Continuation of Hedge Accounting (Amendments to IAS 39) (effective 1 January 2014)
The Directors anticipate that the adoption of these standards and interpretations in future periods will have no 
material impact on the financial statements of the Group, with the exception of IFRS 9 which has not yet been finalised 
and so the Directors are not able to fully assess the potential impact.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2014 44 Weatherly International plc Annual Report and Accounts 2014
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2014
3. Significant accounting policies
Basis of Preparation
The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as 
adopted by the European Union.
The financial statements have been prepared on the historical cost basis other than certain financial instruments 
which are carried at fair value through the profit and loss. The principal accounting policies are summarised below 
and are consistent in all material respects with those applied in the previous year, except as otherwise noted.
Basis of Consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by 
the Company (its subsidiaries) made up to 30 June each year. Control is achieved where the Company has the power to 
govern the financial and operating policies of an investee entity so as to obtain benefits from its activities.
Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group’s 
equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business 
combination (see below) and the amount in excess of the non-controlling interests’ share of changes in equity since the 
date of the combination. Losses applicable to the non-controlling interests in excess of the non-controlling interests in 
the subsidiary’s equity are allocated to the non-controlling interest.
The results of subsidiaries acquired or disposed of during the year are included in the Consolidated Income Statement 
from the effective date of acquisition or up to the effective date of disposal, as appropriate.
Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies 
used into line with those used by the Group.
All intra-group transactions, balances, income and expenses and intra-group unrealised profits and losses are 
eliminated on consolidation.
Investments in Associates
The Group classifies companies over which it has significant influence, but not control, as associates when they do 
not meet the criteria to be classified as subsidiaries. When the Group holds, directly or indirectly, 20% or more of 
the voting power of the Company, it is presumed that the Group has significant influence unless it can be clearly 
demonstrated that this is not the case.
Associates are accounted for under the equity method. The investment is initially recognised at cost and the carrying 
amount is increased or decreased to recognise the Group’s share of the profit or loss of the investee after the date 
of the acquisition. The Group’s share of the profit or loss of the investee is recognised in the Group’s profit or loss. 
Distributions received from the associated Company reduce the carrying amount of the investment.
Exploration and evaluation costs
Expenditure on advances to companies solely for exploration activities and the Group’s own regional exploration 
activities prior to evaluation are capitalised, unless no further future benefit is considered likely whereupon it is 
written off to profit and loss. Exploration expenditure to define mineralisation at existing ore bodies or within the 
vicinity of existing ore bodies is considered a mine development cost and transferred to property, plant and equipment 
upon achieving a bankable feasibility study and are then amortised over the life of the mine. Costs are annually 
reviewed for impairment.  45 Weatherly International plc Annual Report and Accounts 2014
STRA TEGIC REPORT CORPORA TE GOVERNANCE FINANCIAL ST A TEMENTS
Revenue Recognition
Revenue represents the amounts derived from the sale of copper and other metals in the production of copper which 
fall within the Company’s ordinary activities, stated net of value added tax. Sales of goods are recognised when goods 
are delivered and title has passed.
Copper concentrate sales are provisionally priced based on spot prices at the time of sale, and provisional assays 
indicating the amount of metal within the concentrate. The final revenue varies according to the price at the end of the 
quotational period and the final agreed assay results. This final agreement can take between 30 and 150 days after 
delivery to the customer. Ninety-five per cent (95%) of the initial valuation is paid on delivery with the balance paid on 
final agreement of prices. The provisional pricing arrangements give rise to separate embedded derivatives, This is 
accounted for by marking to market the provisional selling price as the basis the final invoice will be priced. The gain 
or loss is recorded in turnover and trade debtors.
The Company mitigates commodity price risk by maintaining forward sales for a period of 15 to 18 months of 200 
tonnes of copper per month. In addition, the Company elects to fix all remaining contained copper in each lot in 
multiples of 25 tonnes, resulting in less than 25 tonnes of copper per lot being open to price variations.
The forward contracts and price fixing arrangements are deemed to be ‘own use’ contracts outside the scope of IAS39 
and do not meet the criteria for hedge accounting.
Interest income is reported using the effective interest method. Dividends received are recognised when the right to 
receive payment is established.
Leases
Operating leases
Where the Group is a lessee in a lease that does not transfer substantially all the risks and rewards of ownership from 
the lessor to the Group, the total lease payments are charged to profit or loss on a straight-line basis over the period 
of the lease.
Group as a lessor
Assets leased out under operating leases are included in assets held for sale in the balance sheet while the sale is 
being finalised. Rental income is recognised on a straight-line basis over the lease term, which will end at the point the 
sale completes.
Foreign Currency Translation
The individual financial statements of each Group Company are presented in the currency of the primary economic 
environment in which it operates (its functional currency). For the purpose of the consolidated financial statements, 
the results and financial position of each Group Company are expressed in US dollars, which is the functional currency 
of the Parent Company and the presentation currency for the consolidated financial statements.
In preparing the financial statements of the individual companies, transactions in currencies other than the 
entity’s functional currency (foreign currencies) are recorded at the rates of exchange prevailing on the dates 
of the transactions. At each balance sheet date, monetary assets and liabilities that are denominated in foreign 
currencies are retranslated at the rates prevailing on the balance sheet date. Non-monetary items carried at fair 
value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value 
was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not 
retranslated. Exchange differences arising, if any, are recognised in profit or loss.
Exchange differences are recognised in profit or loss in the period in which they arise except for:
• exchange differences which relate to assets under construction for future productive use, which are included in the 
cost of those assets when they are regarded as an adjustment to interest costs on foreign currency borrowings;
• exchange differences on monetary items receivable from or payable to a foreign operation for which settlement 
is neither planned nor likely to occur, which form part of the net investment in a foreign operation, and which are 
recognised in other comprehensive income and reclassified from equity to profit or loss on disposal of the net 
investment. 46 Weatherly International plc Annual Report and Accounts 2014
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2014
3. Significant accounting policies continued
On consolidation the balance sheet of foreign operations are translated into the functional currency at year-end rates. 
Exchange differences arising from the translation of the net investment in foreign entities are recognised in other 
comprehensive income and accumulated in the Group’s foreign currency translation reserve. On disposal of a foreign 
operation, the cumulative amount of exchange differences relating to that operation is reclassified from equity to profit 
or loss.
Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are 
assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the 
cost of those assets until such time as the assets are substantially ready for their intended use or sale.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
Income Taxes
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the 
income statement because it excludes items of income or expense that are taxable or deductible in other years and it 
further excludes items that are never taxable or deductible. The Group’s liability for current tax is calculated using tax 
rates that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets 
and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, 
and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all 
taxable temporary differences, and deferred tax assets are recognised to the extent that it is probable that taxable 
profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are 
not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition 
(other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable 
profit nor the accounting profit.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and 
associates, and interest in joint ventures, except where the Group is able to control the reversal of the temporary 
difference and it is expected that the temporary difference will not reverse in the foreseeable future. In addition, tax 
losses available to be carried forward as well as other income tax credits to the Group are assessed for recognition as 
deferred tax assets.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is 
no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the 
asset is realised. Deferred tax is charged or credited in profit or loss, except when it relates to items charged or 
credited directly to equity, in which case the deferred tax is also dealt with in equity. Tax relating to items recognised in 
other comprehensive income is recognised in other comprehensive income.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets 
against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group 
intends to settle its current tax assets and liabilities on a net basis.  47 Weatherly International plc Annual Report and Accounts 2014
STRA TEGIC REPORT CORPORA TE GOVERNANCE FINANCIAL ST A TEMENTS
Property, Plant and Equipment
Non-mining assets
Property, plant and equipment are recorded at cost net of accumulated depreciation and any provision for impairment. 
Depreciation is provided using the straight-line method to write off the cost of the asset less any residual value over its 
useful economic life as follows: 
Freehold buildings Fifteen years 
Plant and machinery Three to fifteen years
Development costs Life of mine
Freehold land  Not depreciated
Development and production expenditure
When exploration and evaluation work shows a mine to be commercially viable, the accumulated costs are transferred 
to property, plant and equipment. Mining plant and equipment consist of buildings, plant and machinery, which are 
depreciated over the shorter of the estimated useful life of the asset or the life of the mine.
Mining property for mines in production, including pre-stripping costs, is written off on a unit of production basis over 
the life of the mine.
Asset residual values and useful lives are reviewed annually and amended as necessary. Assets are reviewed for 
impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be 
recoverable. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying 
amount exceeds the higher of the asset’s fair value less costs to sell or value-in-use.
Development costs relating to major programmes at the existing mines are capitalised. These costs consist primarily 
of expenditure to expand the capacity of the operating mine. Day-to-day mine development costs to maintain 
production are expensed as incurred. Initial development and production costs on a new mine, which include site 
establishment costs, are capitalised until production reaches commercial production which is defined as 60% of 
budgeted steady-state production, at which time the accumulated costs are transferred to property, plant and 
equipment. Mining plant and equipment consists of buildings, plant and machinery, which are depreciated over the 
shorter of the estimated useful life of the asset or the life of the mine.
Impairment
At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets to determine 
whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the 
recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where 
the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable 
amount of the cash-generating unit to which the asset belongs. An intangible asset with an indefinite useful life is 
tested for impairment annually and whenever there is an indication that the asset may be impaired.
The recoverable amount is the higher of fair value less costs to sell and value-in-use. In assessing value-in-use, the 
estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current 
market assessments of the time, value of money and the risks specific to the asset for which the estimates of future 
cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the 
carrying amount of the asset (cash-generating unit) is reduced to its recoverable amount. An impairment loss is 
recognised as an expense immediately. 48 Weatherly International plc Annual Report and Accounts 2014
3. Significant accounting policies continued
Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is 
increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not 
exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset 
(cash-generating unit) in prior years. A reversal of an impairment loss is recognised as income immediately, unless 
the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a 
revaluation increase.
Assets Held for Sale
The Group classifies a non-current asset as held for sale if its carrying amount will be recovered principally through 
a sale transaction rather than continuing use. The asset must be available for immediate sale in its present condition 
subject only to terms that are usual and customary for sales of such assets and its sale must be highly probable. The 
sale should be expected to be completed within one year from the date of classification unless the delay is caused by 
events or circumstances beyond the Group’s control.
Assets classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell.
Inventories
Inventories are stated at the lower of cost and net realisable value, using the weighted average cost measurement 
basis. Cost includes all direct expenditure and related overheads incurred to the balance sheet date. Cost is 
determined on the following bases:
• copper concentrate is valued at the average total production cost at the relevant stage of production; and
• consumable stores are valued on a moving average cost basis.
Net realisable value is the estimated selling price in the ordinary course of business, less the cost of completion and 
selling expenses.
Financial Instruments, Assets and Liabilities
The Group uses financial instruments comprising cash, trade receivables, trade payables, convertible debt, derivatives 
and other equity investments that arise from its operations.
Financial assets
Financial assets are divided into the following categories: loans and receivables; financial assets at fair value through 
profit or loss; available-for-sale financial assets and held to maturity assets. Currently the Group only has loans and 
receivables. Financial assets are assigned to the different categories by management on initial recognition, depending 
on the purpose for which they were acquired. 
Loans and receivables are recognised when the Group becomes a party to the contractual provisions of the instrument 
and are recognised at fair value plus transaction costs. 
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted 
in an active market. Trade receivables are classified as loans and receivables. Loans and receivables are measured 
subsequent to initial recognition at amortised cost using the effective interest method, less provision for impairment. 
Any change in their value through impairment or reversal of impairment is recognised in profit or loss.
Provision against trade receivables is made when there is objective evidence that the Group will not be able to collect 
all amounts due to it in accordance with the original terms of those receivables. The amount of the write-down is 
determined as the difference between the asset’s carrying amount and the present value of estimated future cash 
flows, discounted using the original effective interest rate.
An assessment for impairment is undertaken at least at each balance sheet date.
A financial asset is derecognised only where the contractual rights to the cash flows from the asset expire or the 
financial asset is transferred and that transfer qualifies for derecognition. A financial asset is transferred if the 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2014  49 Weatherly International plc Annual Report and Accounts 2014
STRA TEGIC REPORT CORPORA TE GOVERNANCE FINANCIAL ST A TEMENTS
contractual rights to receive the cash flows of the asset have been transferred or the Group retains the contractual 
rights to receive the cash flows of the asset but assumes a contractual obligation to pay the cash flows to one or more 
recipients. A financial asset that is transferred qualifies for derecognition if the Group transfers substantially all the 
risks and rewards of ownership of the asset, or if the Group neither retains nor transfers substantially all the risks and 
rewards of ownership but does transfer control of that asset.
Cash and cash equivalents comprise cash on hand and demand deposits, together with other short-term, highly liquid 
investments that are readily convertible into known amounts of cash and which are subject to an insignificant risk of 
changes in value less bank overdrafts repayable on demand.
Financial liabilities
The Group’s financial liabilities include bank overdrafts, loans, unsecured creditors and trade and other payables. 
Financial liabilities are obligations to pay cash or other financial assets and are recognised when the Group becomes a 
party to the contractual provisions of the instrument. Financial liabilities categorised as at fair value through profit or 
loss are recorded initially at fair value, and all transaction costs are recognised immediately in profit or loss. All other 
financial liabilities are recorded initially at fair value, net of direct issue costs.
Finance charges, including premiums payable on settlement or redemption and direct issue costs, are charged to 
profit or loss on an accruals basis using the effective interest method and are added to the carrying amount of the 
instrument to the extent that they are not settled in the period in which they arise.
Financial liabilities are categorised as at fair value through profit or loss where they are classified as held for trading 
or designated as at fair value through profit or loss on initial recognition. Such liabilities are measured at fair value. A 
financial liability is derecognised only when the obligation is extinguished, that is, when the obligation is discharged, 
cancelled or expires.
All loans and borrowings are initially recognised at the fair value net of issue costs associated with the borrowing. 
The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating 
interest expense over the relevant period. The effective interest rate is that rate which exactly discounts estimated 
future cash payments through the expected life of the financial liability or, where appropriate, a shorter period.
Trade payables are recognised initially at their fair value and subsequently measured at amortised costs less 
settlement payments.
Equity
An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all its 
liabilities. Equity instruments are recorded at the proceeds received net of direct issue costs. The Group has in issue 
only ordinary shares and the conditions of the shares are such that they are accounted for as equity.
Forward Contracts
The Group uses forward contracts to mitigate its own risks associated with commodity price fluctuations. As such 
these are own use contracts outside the scope of IAS39. The gain or loss on the forward contracts is recognised in 
profit or loss in the period in which it matures. If the contract becomes onerous by the Group not being able to meet its 
obligations, the difference between the forward price and spot price is debited to profit or loss. 50 Weatherly International plc Annual Report and Accounts 2014
3. Significant accounting policies continued
Provisions
Provisions are recognised when the present obligations arising from legal or constructive commitment resulting from 
past events are expected to lead to an outflow of economic resources from the Group which can be estimated reliably.
Provisions are measured at the present value of the estimated expenditure required to settle the present obligation, 
based on the most reliable evidence available at the balance sheet date.
All provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimates.
Equity
Equity comprises the following:
• ‘issued capital’ represents the nominal value of equity shares;
• ‘share premium’ represents the excess over nominal value of the fair value of consideration received for equity 
shares, net of expenses of the share issue;
• ‘merger reserve’ represents the excess over nominal value of the fair value of shares issued in a share for share 
exchange satisfying the conditions of section 612 of the Companies Act 2006;
• ‘share-based payment reserve’ represents equity-settled share-based employee remuneration until such share 
options are exercised;
• ‘foreign exchange reserve’ represents the differences arising from translation of investments in overseas 
subsidiaries;
• ‘retained earnings’ represents retained profits less retained losses;
• ‘non-controlling interests’ represents the amounts not attributable to the Parent Company.
Share-based Payments
Equity-settled transactions
The Group operates equity-settled share-based compensation plans for remuneration of its employees.
All employee services received in exchange for the grant of any share-based compensation are measured at their fair 
values. These are indirectly determined by reference to the share option awarded. Their value is appraised at the grant 
date and excludes the impact of any non-market vesting conditions (e.g. profitability or sales growth targets).
The cost of equity-settled transactions with employees is measured by reference to the fair value at the date at which 
they are granted and is recognised as an expense over the vesting period, which ends on the date on which the relevant 
employees become fully entitled to the award. Fair value is determined by an external valuer using an appropriate 
pricing model. In valuing equity-settled transactions, no account is taken of any vesting conditions, other than market 
conditions linked to the price of the shares of the Company.
At each balance sheet date before vesting, the cumulative expense is calculated, representing the extent to which the 
vesting period has expired and management’s best estimate of the achievement or otherwise of non-market conditions 
and the number of equity instruments that will ultimately vest, or in the case of an instrument subject to a market 
condition, be treated as vesting as described above. The movement in cumulative expense since the previous balance 
sheet date is recognised in profit or loss, with a corresponding entry in equity.
Where the terms of an equity-settled award are modified or a new award is designated as replacing a cancelled or 
settled award, the cost based on the original award terms continues to be recognised over the original vesting period. 
In addition, an expense is recognised over the remainder of the new vesting period for the incremental fair value of any 
modification, based on the difference between the fair value of the original award and the fair value of the modified 
award, both as measured on the date of the modification. No reduction is recognised if this difference is negative.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2014  51 Weatherly International plc Annual Report and Accounts 2014
STRA TEGIC REPORT CORPORA TE GOVERNANCE FINANCIAL ST A TEMENTS
Where an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any cost not 
yet recognised in profit or loss for the award is expensed immediately. Any compensation paid up to the fair value of 
the award at the cancellation or settlement date is deducted from equity, with any excess over fair value being treated 
as an expense in profit or loss.
All equity-settled share-based payments are ultimately recognised as an expense in the statement of comprehensive 
income with a corresponding credit to ‘share-based payment reserve’.
Upon exercise of share options, the proceeds received net of any directly attributable transaction costs, up to the 
nominal value of the shares issued, are reallocated to share capital with any excess being recorded as additional 
share premium.
Employee Benefits
Defined contribution pension scheme
The pension costs charged against profits are the contributions payable to the scheme in respect of the 
accounting period.
The Group pays contributions to personal pension schemes of employees, which are administered independently 
of the Group.
4. Critical accounting judgements and key sources of estimation uncertainty
In the application of the Group’s accounting policies, described in note 3, the Directors are required to make 
judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily 
apparent from other sources. The estimates and associated assumptions are based on historical experience and 
other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are 
recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the 
revision and future periods if the revision affects both current and future periods. 
Critical Judgements in Applying the Group’s Accounting Policies
The following are the critical judgements, apart from those involving estimations (which are dealt with separately 
below), that the Directors have made in the process of applying the Group’s accounting policies and that have the 
most significant effect on the amounts recognised in financial statements.
Going concern
The Group expects to generate sufficient funds to operate as a going concern for the next 12 months, based on its 
projected production levels and prevailing exchange rates and copper prices. The loan facilities available for the 
capital investment and working capital required for the Tschudi open pit project are believed to be adequate to meet 
the Group’s needs. 
Forward contracts
In applying the Group’s revenue recognition accounting policy, commodity forward sale contracts and associated price 
fixing agreements are deemed to be ‘own use’ contracts that fall outside the scope of IAS 39 and are not considered to 
be derivatives.
Sources of Estimation Uncertainty
Revenue
The Group initially receives payment and takes revenue based on the copper, gold and silver content in the concentrate 
when the concentrate reaches the ship’s rail. There are a number of variables in this initial valuation of revenue 
valuation that may change by the time the final price is agreed. 52 Weatherly International plc Annual Report and Accounts 2014
4. Critical accounting judgements and key sources of estimation uncertainty continued
Metal price: the Group fixes the price of the copper in multiples of 25 tonnes either through forward contracts or 
through fixing the price at the time of sale. The remaining quantity of copper is initially priced on the spot price of the 
day. The final price will be based on the average price in either one months’ time (M+1) or four months’ time (M+4) 
based on the offtaker’s biannual election. 
Gold and silver are priced initially at the spot price but the final price will be M+1.
Assay results: the quantity of copper, gold and silver is based on assays taken at the mine in the initial invoice. The 
final price is based on assays taken by seller and buyer at the port, Walvis Bay. The final price is based on the average 
assays of the parties. In the event the difference between the assay results exceeds contractual limits an umpire 
sample is used.
Moisture; the initial invoice is based on the estimated dry metric tonnes (DMT) in the lot. The DMT is based on the 
wet metric tonnes (WMT) weight of the concentrate at the port and the moisture content measured at the mine. The 
moisture content on the final invoice is based on the moisture content measured at the port.
The Group recognises revenue based on the initial invoice and amends it when the final invoice is agreed. The offtaker 
pays 95% of the initial invoice immediately and the balance when the final price is agreed.
Capitalisation and expensing of development expenses
For a new start-up, all pre-production expenditure and any associated income are capitalised until reaching 
commercial production. The Group defines commercial production as 60% of budgeted steady-state production 
whereupon it believes the mines have reached a stable level of production. After reaching commercial production, 
income and expenditure are charged to profit and loss. The capitalised development is amortised over the life of 
the mine.
The Directors use their judgement to determine the level of production at which the mine will achieve a steady state 
and the life of a mine.
Where a mine recommences production after being in care and maintenance, all production costs and associated 
income are charged to profit and loss immediately. Specific development projects, for example to open up new areas 
of the mine, are capitalised within property, plant and equipment. These development projects are amortised over the 
period in which the mine will benefit from the development, as discussed below.
Carrying value of property, plant and equipment
All mining assets are amortised where the mine operating plan calls for production from well-defined mineral 
reserves over proven and probable reserves.
For mobile and fixed plant, the straight-line method is applied over the estimated useful life of the asset which does 
not exceed the estimated mine life based on proven and probable mineral reserves, as the useful lives of these assets 
are considered to be limited to the life of the relevant mine.
The calculation of amortisation could be impacted by the estimate of actual production in the future being different 
from current forecast production based on proven and probable mineral reserves. 
The factors affecting estimated mineral reserves include:
• changes in proven and probable mineral reserves;
• possible significant variations in the grade of mineral reserves from time to time;
• differences between actual commodity prices and commodity price assumptions;
• unforeseen operational issues at mine sites;
• changes in capital, operating, mining, processing and reclamation costs, discount rates and foreign exchange rates; 
and
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2014  53 Weatherly International plc Annual Report and Accounts 2014
STRA TEGIC REPORT CORPORA TE GOVERNANCE FINANCIAL ST A TEMENTS
• changes in mineral reserves could similarly impact the useful lives of assets depreciated on a straight-line basis, 
where those lives are limited to the life of the mine.
The recoverable amounts of cash-generating units and individual assets have been determined based on the higher 
of value-in-use calculations and fair values less costs to sell. These calculations require the use of estimates and 
assumptions. It is possible that the copper price estimation may change, which may then impact the estimated life of 
mine determinant and may then require a material adjustment to the carrying value of property, plant and equipment.
The Group reviews and tests the carrying value of assets when events or changes in circumstances suggest that the 
carrying amount may not be recoverable. Assets are grouped at the lowest level for which identifiable cash flows 
are largely independent of cash flows of other assets. If there are indications that impairment may have occurred, 
estimates are prepared for expected future cash flows for each group of assets. They are significantly affected by a 
number of factors including published reserves, resources, exploration potential and production estimates, together 
with economic factors such as spot and future copper prices, discount rates, foreign currency exchange rates, 
estimates of costs to produce reserves and future capital expenditure.
Fair value of share options
The Directors use their judgement in selecting an appropriate valuation technique for share options, and have selected 
the Black–Scholes model. Details of the assumptions used and of the results of sensitivity analyses regarding these 
assumptions are provided in note 31.
Deferred Tax asset
The Group maintains a deferred tax asset on the basis of anticipated profits in future years. Deferred tax losses are 
recognised to the extent that future taxable profits are reasonably foreseeable and meet the definition of ‘probable’. 
While the Group made a loss in the current year our cash flow and profit projections based on the Tschudi project that 
will come into production in 2015, indicate that our deferred tax asset meets this criteria.
5. Revenue
An analysis of the Group’s revenue is as follows:
Year ended 
30 June 
2014 
US$’000
Year ended 
30 June 
2013 
US$’000
Sale of goods 32,222 35,663 
Total revenue 32,222 35,663
6. Other operating income
Year ended 
30 June 
2014 
US$’000
Year ended 
30 June 
2013 
US$’000
Property rental 108 137 
Other 55 17 
163 154
7. Operating segments
In identifying its operating segments, management generally follows the physical location of its mines which is 
consistent with management’s internal reporting.
The activities undertaken by the Central Operations segment include the sale of extracted copper from Otjihase and 
Matchless mines. The activities undertaken by the Tschudi segment included the construction and acquisition of 
property plant and equipment to start up the Tschudi Open Pit mine.
Each of these operating segments is managed separately as each of these service lines requires different technologies 
and other resources as well as marketing approaches.  54 Weatherly International plc Annual Report and Accounts 2014
7. Operating segments continued
The measurement policies the Group uses for segment reporting under IFRS 8 are the same as those used in its 
financial statements.
The revenues of Otjihase and Matchless are indistinguishable as the ore coming from both mines passes through the 
same concentrator and the two mines are viewed as one operating unit. Assets under construction relating to the 
Tschudi Open Pit mine have been capitalised as disclosed in note 18. 
The Group’s operations are located in Namibia and the UK. The Central Operations and Tschudi segments are located 
in Namibia, while the corporate function is carried out in the UK. 
Year ended 30 June 2014
Sales and other operating revenues
Central 
Operations 
US$’000
Tschudi 
US$’000
Consolidated 
US$’000
External sales 32,222 – 32,222 
Segment revenues 32,222 – 32,222
Segmental loss
Central 
Operations 
US$’000
Tschudi 
US$’000
Consolidated 
US$’000
Segmental operating profit/(loss) (2,487) – (2,487)
Unallocated corporate expenses (2,161)
Unrealised foreign exchange loss (588)
Interest expense (406)
Interest income 70 
Loss before associated company (5,572)
Segmental costs
Central 
Operations 
US$’000
Tschudi 
US$’000
Depreciation 3,536 –
Revenue by geographical area US$’000
Switzerland 32,038
Southern Africa 184
32,222
The Group’s revenues were to one customer in Switzerland and three in Southern Africa.
Central 
Operations 
US$’000
Tschudi 
US$’000
Total 
US$’000
Segment assets 37,337 53,525 90,862 
Unallocated Corporate assets 8,968 
Total assets 99,830
Non-current assets by geographic area
Central 
Operations 
US$’000
Tschudi 
US$’000
Namibia 23,769 49,885
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2014  55 Weatherly International plc Annual Report and Accounts 2014
STRA TEGIC REPORT CORPORA TE GOVERNANCE FINANCIAL ST A TEMENTS
Year ended 30 June 2013
Sales and other operating revenues
Central 
Operations 
US$’000
Tschudi 
US$’000
Consolidated 
US$’000
External sales 35,663 – 35,663 
Segment revenues 35,663 – 35,663
Segmental loss
Central 
Operations 
US$’000
Tschudi 
US$’000
Consolidated 
US$’000
Segmental operating profit/(loss) 1,068 – 1,068 
Profit on Tambao settlement 2,000 
Unallocated expenses (3,194)
Unrealised foreign exchange loss 234 
Interest expense (477)
Interest income 111 
Profit before associated company (258)
Segmental costs
Central 
Operations 
US$’000
Tschudi 
US$’000
Depreciation 5,537 –
 
Revenue by geographical area US$’000
Switzerland 35,646
South Africa 17
35,663
The Group’s revenues were to one customer in each country.
Central 
Operations 
US$’000
Tschudi 
US$’000
Total 
US$’000
Segment assets 38,092 8,152 46,244 
Unallocated Corporate assets 7,028 
Total assets 53,272
 
Non-current assets by geographic area
Central 
Operations 
US$’000
Tschudi 
US$’000
Namibia 20,629 10,954 56 Weatherly International plc Annual Report and Accounts 2014
8. Discontinued operations
Year ended 
30 June 
2014 
US$’000
Year ended 
30 June 
2013 
US$’000
Insurance proceeds from flooding of Kombat mine – 2,014
On 17 May 2010, the group disposed of the Kombat mine. In the prior year it received final settlement for an insurance 
claim for the flooding of the mine which occurred in 2006.
9. Operating loss
This is stated after charging/(crediting):
Year ended 
30 June 
2014 
US$’000
Year ended 
30 June 
2013 
US$’000
Depreciation of owned assets 3,536 5,537 
Staff costs (see note 11) 4,774 3,399 
Loss on disposal of property, plant and equipment – 42 
Operating lease payments – equipment 833 8 
Auditor’s remuneration (note 10) 118 123
10. Auditor’s remuneration
The remuneration of the auditor is further analysed as follows:
Year ended 
30 June 
2014 
US$’000
Year ended 
30 June 
2013 
US$’000
Fees payable to the Company’s auditor for the audit of the Company’s annual accounts 73 58 
Fees payable to the Company’s auditor and its associates for other services:
The audit of the Company’s subsidiaries, pursuant to legislation 42 42
Tax services – –
Other services 3 23 
Total remuneration 118 123 
11. Employees and key management
The total Directors’ emoluments for the year were US$809,000 (2013: US$670,000) and those of the highest paid 
Director were US$527,000 (2013: US$425,000). Detailed disclosure of Directors’ remuneration is disclosed in the 
audited sections of the Directors’ remuneration report on page 31.
a) Staff numbers
The average number of employees, including Directors
Year ended 
30 June 
2014 
No.
Year ended 
30 June 
2013
 No.
Group:
Corporate UK 9 8
Namibia:
Mining 89 33
Average number of persons employed 98 41
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2014  57 Weatherly International plc Annual Report and Accounts 2014
STRA TEGIC REPORT CORPORA TE GOVERNANCE FINANCIAL ST A TEMENTS
b) Staff costs
Aggregated remuneration comprised:
Year ended 
30 June 
2014 
US$’000
Year ended 
30 June 
2013 
US$’000
Wages and salaries 4,245 2,926 
Social security costs 109 78 
Pension contributions 166 139 
Termination costs 44 108 
Share-based payments 210 148 
Employment costs 4,774 3,399
c) Key management remuneration
Key Management remuneration
Year ended 
30 June 
2014 
US$’000
Year ended 
30 June 
2013 
US$’000
Short-term employment benefits 1,709 1,500 
Post employment benefits 99 96 
Share-based payments 40 40 
1,848 1,636
Key management personnel as defined under IAS 24 have been identified as the Board of Directors and further 
management personnel who have the authority and responsibility for planning, directing and controlling the activities 
of the Group.
12. Compensation settlement
The Group received US$2m in the prior year as full and final settlement for its claim to the Tambao mine in 
Burkina Faso.
13. Finance income
Year ended 
30 June 
2014 
US$’000
Year ended 
30 June 
2013 
US$’000
Interest revenue:
Bank deposits 70 111 
Total interest revenue 70 111 
14. Finance costs
Year ended 
30 June 
2014 
US$’000
Year ended 
30 June 
2013 
US$’000
Bank 107 83 
Orion Mine Finance Tranche A/Louis Dreyfus Commodities Metals Suisse SA loans 299 394 
Orion Mine Finance Tranche B 1,764 –
Finance charges capitalised as part of the construction of Tschudi open pit mine (1,764) –
Total interest expense 406 477 58 Weatherly International plc Annual Report and Accounts 2014
15. Income tax
Year ended 
30 June 
2014 
US$’000
Year ended 
30 June 
2013 
US$’000
(Loss)/Profit before tax (5,730) (425)
UK corporation tax @ 22.50% (2013: 23.75%) (1,289) (101)
Tax effects of:
Expenses not allowable for tax purposes 114 83 
Non-taxable income
Movement on unrecognised deferred tax 1,175 18 
Total income tax expense – – 
Unrecognised deferred tax provision
Accelerated capital allowances 7,168 6,144 
Other temporary differences 22 (3,363)
Tax losses – UK (2,441) (2,374)
Tax losses – Namibia (33,785) (30,525)
Unrecognised deferred tax asset (29,036) (30,118)
Gross tax losses
UK (11,624) (9,994)
Namibia (105,167) (86,798)
(116,791) (96,792)
Deferred tax losses are recognised to the extent that future taxable profits are reasonably foreseeable and meet the 
definition of ‘probable’. The Group cash flow and Profit projections based on for the Tschudi project that will come into 
production in 2015, indicate our deferred tax asset will meet this criteria.
The gross tax losses have no expiry period.
Movement on deferred tax assets
Year ended 
30 June 
2014 
US$’000
Year ended 
30 June 
2013 
US$’000
At beginning of year 5,629 7,167 
Asset recognised during the year – – 
Exchange movement (390) (1,538)
At end of year 5,239 5,629
 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2014  59 Weatherly International plc Annual Report and Accounts 2014
STRA TEGIC REPORT CORPORA TE GOVERNANCE FINANCIAL ST A TEMENTS
16. Earnings per share
The calculation of basic and diluted earnings per ordinary share is based on the following data:
Year ended 
30 June 
2014 
US$’000
Year ended
 30 June 
2013 
US$’000
Basic earnings per share (US cents)
Earnings from continuing activities (1.00c) – 
Earnings from discontinuing activities – 0.36c 
Total (1.00c) 0.36c 
Dilutive earnings per share (US cents)
Earnings from continuing activities (1.00c) – 
Earnings from discontinuing activities – 0.36c 
Total (1.00c) 0.36c 
Weighted average number of shares for basic earnings per share 558,439,207 536,571,808 
Number of dilutive options –
Weighted average number of shares for diluted earnings per share 558,439,207 536,571,808
 
Both the basic and diluted earnings per share have been calculated using the earnings attributable to shareholders 
of the Parent Company, Weatherly International plc, a loss of US$ 5,565,000 (2013 profit of US$1,915,000) as the 
numerator, i.e. no adjustment to profit was necessary in either year.
For the year ended 30 June 2014, 22.4 million (2013: 33.0 million) potential ordinary shares have been excluded from 
the calculations of earnings per share as they are anti-dilutive.
17. Intangible assets
Evaluation 
US$’000
Cost and net book value
At 1 July 2012 3,646 
Additions 2,652 
Exchange difference (973)
At 30 June 2013 5,325 
At 1 July 2013 5,325 
Transfers to assets under construction (5,325)
At 30 June 2014 –  60 Weatherly International plc Annual Report and Accounts 2014
18. Property, plant and equipment
a)
Freehold 
property 
US$’000
Plant and 
machinery 
US$’000
Development 
costs 
US$’000
Assets under 
construction 
US$’000
Totals 
US$’000
Cost:
At 1 July 2012 18,718 22,434 7,270 – 48,422 
Additions 17 997 2,124 – 3,138 
Disposals – (723) – – (723)
Exchange adjustment (3,328) (7,139) (1,292) – (11,759)
At 30 June 2013 15,407 15,569 8,102 – 39,078 
Depreciation:
At 1 July 2012 (6,473) (13,971) (1,219) – (21,663)
Provided during the year (951) (2,246) (2,340) – (5,537)
Disposals – 150 – – 150 
Exchange adjustment 1,689 5,678 503 – 7,870 
At 30 June 2013 (5,735) (10,389) (3,056) – (19,180)
Net book value at 30 June 2013 9,672 5,180 5,046 – 19,898 
Cost:
At 1 July 2013 15,407 15,569 8,102 – 39,078 
Transfer from Intangibles – – – 5,325 5,325 
Additions – 1,585 429 44,034 46,048 
At 30 June 2014 15,407 17,154 8,531 49,359 90,451 
Depreciation:
At 1 July 2013 (5,735) (10,389) (3,056) – (19,180)
Provided during the year (856) (2,144) (536) – (3,536)
At 30 June 2014 (6,591) (12,533) (3,592) – (22,716)
Net book value at 30 June 2014 8,816 4,621 4,939 49,359 67,735
The following serve as security for borrowings:
Carrying 
Amount 
2014 
US$’000
Carrying 
Amount 
2013 
US$’000
Bond 
Amount 
2014 
US$’000
Bond 
Amount 
2013 
US$’000
Nature of property, plant and equipment
Moveable mining assets of Ongopolo Mining Limited 6,947 5,853 10,000 12,000 
Fixed plant in Namibia 12,619 – 20,000 –
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2014  61 Weatherly International plc Annual Report and Accounts 2014
STRA TEGIC REPORT CORPORA TE GOVERNANCE FINANCIAL ST A TEMENTS
19. Investments
a) Subsidiaries
The Company’s investments at the balance sheet date in the share capital of companies include the following:
Name % holding Nature of business
Country of 
incorporation Class of shares
Weatherly (SL) Limited 100 Holding company St Lucia 1,000 ordinary US$1
Puku Minerals Limited (owned by Weatherly 
(SL) Limited)
100 Mineral exploration Zambia 100 ordinary US$1
Weatherly (Namibia SL) Limited 100 Holding company St Lucia 125,381,946 ordinary 20p
Weatherly (Namibian Custom Smelters) 
Limited
100 Holding company St Lucia 1,000 ordinary £1
Weatherly Mining Namibia Limited owned by 
Weatherly (Namibia SL) Limited
99 Mineral exploration, 
development and 
production
Namibia 20,000,000 ordinary N$1. 
1,000 redeemable 
preference shares N$1
Weatherly International Trustee Company 
Limited
100 Trustee company England and 
Wales
1 ordinary £1
The following entities are owned by Weatherly Mining Namibia Limited:
Ongopolo Mining Limited 97.5 Mineral exploration 
and development
Namibia 95,590,000 ordinary 
N$0.387
Tsumeb Specimen Mining (Pty) Limited 100 Dormant Namibia 4,000 ordinary US$1
b) Investment in associates 
Weatherly International plc owns 25% of China Africa Resources an AIM listed mining company.
Summary of its financial position is as follows:
30 June 
2014 
US$’000
30 June 
2013 
US$’000
As at beginning of year 2,396 2,684 
Loss of CAR in year (158) (167)
Exchange movement on translation of foreign operations (60) (121)
As at end of year 2,178 2,396 
Dividend per share (p) – – 
The summarised financial statements of CAR are:
30 June
 2014 
US$’000
30 June 
2013 
US$’000
Property plant and equipment 12 17 
Intangible assets 6,355 6,153 
Total non-current assets 6,367 6,170 
Receivables 25 64 
Cash 1,471 2,656 
Payables (89) (239)
1,407 2,481 
Net assets 7,774 8,651 
Equity 11,036 11,036 
Foreign exchange reserve (757) (512)
Retained deficit (2,505) (1,873)
Equity and reserves 7,774 8,651 
Loss for the period (632) (666) 62 Weatherly International plc Annual Report and Accounts 2014
20. Non-current assets held for sale
Assets classified as non-current assets held for sale at June 2011 comprise properties sold at auction on 8 June 2009 
and subject only to completion of the division of land. The regulatory approval requires the subdivision of the plots 
being sold and has proved to be a complex process administratively. It is expected that the process will be completed 
in the next 12 months. All assets are included in unallocated assets in the segmental analysis.
Freehold 
property 
US$’000
Balance at 30 June 2012 938 
Exchange differences (166)
Balance at 30 June 2013 and 30 June 2014 772
 
The carrying value above approximates to the selling value, and costs to sell are expected to be minimal.
21. Inventories
30 June 
2014 
US$’000
30 June 
2013 
US$’000
Metal in concentrate on hand 7,835 6,570 
Consumables 915 717 
8,750 7,287 
The difference between purchase price or production cost of inventories and their replacement cost is not material.
22. Trade and other receivables
30 June 
2014 
US$’000
30 June 
2013 
US$’000
Current trade and other receivables
Trade receivables 3,078 2,965 
Prepayments and other receivables 1,036 752 
VAT 97 18 
4,211 3,735 
Non-current trade and other receivables
Receivable for sale of non-controlling share of subsidiary (Note 23) 680 731 
680 731 
Total receivables 4,891 4,466 
As at 30 June 2014 there were no trade receivables past due (2013: nil).
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2014  63 Weatherly International plc Annual Report and Accounts 2014
STRA TEGIC REPORT CORPORA TE GOVERNANCE FINANCIAL ST A TEMENTS
23. Sale of non-controlling interest in subsidiary 
The Group sold a 2.5% minority share of Ongopolo Mining Ltd (OML) to Labour Investment Holdings (Pty) Ltd (LIH) 
in Namibia. The shareholding was sold for N$7.2 million (US$887,000). The terms of the agreement were that the 
amount due from LIH will be deducted from any dividends paid by OML. LIH has pledged its shareholding as security 
for the debt.
The sale has been accounted for as follows:
US$’000
Receivable from LIH 887 
Share of net assets in OML disposed of (431)
Profit on sale of non-controlling interest recognised in equity 456
 
The profit on sale of non-controlling interests has been accounted for through retained earnings. 
LIH were also given an option to buy a further 2.5% of Ongopolo Mining Limited at a 20% discount on the market 
value at the time the option was exercised. The option will lapse in September 2016. The balance owed has reduced 
to US$680,000 at 30 June 2014 (30 June 2013 US$ 731,000) due to exchange differences.
24. Cash
30 June 
2014 
US$’000
30 June 
2013 
US$’000
Cash and short-term deposits 9,826 7,041 
Pledged Notice deposit 439 458 
10,265 7,499 
For the purpose of the cash flow statement the closing cash and cash equivalents comprise the following:
9,826 7,041
The notice deposits are pledged in favour of the Namibian electricity supplier, NamPower, as a guarantee of payment. 64 Weatherly International plc Annual Report and Accounts 2014
25. Borrowings
Secured borrowings
Note
30 June 
2014 
US$’000
30 June 
2013 
US$’000
Secured borrowing at amortised cost
Orion Mine Finance Tranche A: Assumed Louis Dreyfus 1,430 3,888 
Commodities Metal Suisse SA working capital loan
Short-term portion of loan (1,430) (388)
– 3,500 
Orion Mine Finance Tranche B: Funding for Tschudi project 47,801 – 
Short-term portion of loan – – 
47,801 – 
Louis Dreyfus Commodities Metal Suisse SA Inventory loan (a) 6,984 4,529 
Short-term portion of loan (6,984) (4,529)
– – 
First National Bank of Namibia Limited 542 737 
Short-term portion of loan (426) (513)
116 224 
Total borrowings 56,757 9,154 
Short-term portion (8,840) (5,430)
47,917 3,724 
(a) If all inventory shipped to Walvis Bay before year-end had also been loaded aboard a ship, this balance would have been recorded as a sale instead of a loan.
The weighted average interest rates paid during the year were as follows:
30 June 2014 
%
30 June 2013 
%
Louis Dreyfus Commodities Metal Suisse SA – 3.28
Orion Mine Finance Tranche A 3.23 –
Orion Mine Finance Tranche B 9.00 –
Louis Dreyfus Commodities Metal Suisse SA 3.75 3.75
First National Bank of Namibia Limited 9.25 9.25
Louis Dreyfus Commodities Metals Suisse SA – Inventory Loan
The loan bears interest at Louis Dreyfus’ cost of funds + 2.5% for 60 days and is denominated in US$.
The loan is repayable on sale of copper concentrate stocks at Walvis Bay to Louis Dreyfus.
The loan is secured on the copper concentrate inventory at Walvis Bay.
First National Bank of Namibia Limited
The loan is an asset financing facility and bears interest at a variable rate equal to the First National Bank of Namibia 
Limited’s prime overdraft rate and is denominated in Namibian dollars.
The loan is repayable in 24 equal instalments with the last instalment due in April 2015.
The loan is secured on the assets financed by the facility and a letter of surety by Weatherly International plc.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2014  65 Weatherly International plc Annual Report and Accounts 2014
STRA TEGIC REPORT CORPORA TE GOVERNANCE FINANCIAL ST A TEMENTS
Orion Mine Finance
The loan is divided into 2 Tranches, A and B. Tranche A bears interest at US$ 3 month libor +3% and is denominated in 
US$. The loan is repayable by December 2014.
Tranche B bears interest at US$ 3 month libor +7% with libor at a minimum of 2%. The loan is repayable over 6.25 
years with an initial two year holiday on repayments.
Repayments are evenly spread over the remainder of the loan except that in the third year they are reduced and are 
only 44% of the subsequent payments.
The loan is secured by notarial and general bonds over the Namibian assets of the Group totalling US$30m, as well as 
pledge and cession of the shares of Ongopolo Mining Ltd and its parents below Weatherly International plc.
26. Current trade and other payables
30 June 
2014 
US$’000
30 June 
2013 
US$’000
Trade payables 4,369 3,669 
Other payables and accruals 172 708 
4,541 4,377 
27. Provisions
30 June 
2014 
US$’000
30 June 
2013 
US$’000
Opening provisions 203 247 
Payment (203) –
Exchange movement – (44)
Closing provisions – 203 
One of the Group’s subsidiaries was engaged in a legal dispute with a former contractor. The Company provided for the 
amount it believed was payable under the contract and the claim was settled for this amount.
28. Share capital
Number of shares issued 30 June 2014 30 June 2013
Number of shares in issue at beginning of the year 536,571,808 536,571,808
Shares issued during year 80,033,337 –
Number of shares in issue at end of the year 616,605,145 536,571,808
Allotted, called-up and fully paid
30 June 2014 
US$
30 June 2013 
US$
30 June 2014 
£
30 June 2013
 £
Ordinary shares of 0.5p 5,250,369 4,580,867 3,083,026 2,682,859 
5,250,369 4,580,867 3,083,026 2,682,859 66 Weatherly International plc Annual Report and Accounts 2014
28. Share capital continued
The outstanding warrants/options to subscribe for ordinary shares of the Company as at 30 June 2014 are as follows:
Date of grant Number of warrants/options
Price per warrant/
option
Pence Expiry date
01 Apr 10 7,250,000 3.00 1 April 2020
05 Aug 10 3,500,000 3.20 5 August 2020
16 Mar 11 1,500,000 10.00 16 March 2021
26 May 11 1,000,000 9.25 26 March 2021
16 Aug 11 1,000,000 8.00 16 August 2021
18 Oct 11 1,000,000 6.00 18 October 2021
03 Dec 12 1,500,000 3.90 3 December 2022
28 Dec 12 2,500,000 5.40 28 December 2022
08 Mar 12 750,000 4.12 8 March 2022
19 Mar 12 1,000,000 5.00 30 October 2024
17 Jun 14 3,333,333 3.13 17 June 2024
29. Non-controlling interests
US$’000
At 30 June 2012 494 
Share of profit of Weatherly Mining Namibia Ltd (91)
Share of profit in Ongopolo Mining Limited (235)
Exchange movements (79)
At 30 June 2013 89 
Share of loss of Weatherly Mining Namibia Ltd (47)
Share of loss in Ongopolo Mining Limited (118)
At 30 June 2014 (76)
Non-controlling interests represent 1% of Weatherly Mining Namibia Limited and 2.5% of Ongopolo Mining Limited.
30. Capital commitments
30 June 
2014 
US$’000
30 June 
2013 
US$’000
Capital commitments
Contracted for but not yet recognised in the financial statements 32,296 219
31. Share-based payments
Equity-settled share-based payments: options
The Company has an unapproved share option scheme for eligible employees, including Directors. Options are 
exercisable at a price equal to the average market price of the Company’s shares on the date of grant, with a vesting 
period of three years. The options are settled in equity when exercised.
If the options remain unexercised after a period of 10 years from the vesting date, the options expire. Options are 
forfeited if the employee leaves the Company before the options vest.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2014  67 Weatherly International plc Annual Report and Accounts 2014
STRA TEGIC REPORT CORPORA TE GOVERNANCE FINANCIAL ST A TEMENTS
Details of the number of share options and the weighted average exercise price (WAEP) outstanding during the year 
are as follows:
At 30 June 2014 At 30 June 2013
Options
Weighted average 
exercise price 
pence Options
Weighted average 
exercise price 
pence
Outstanding at start of period 22,500,000 4.36 17,191,667 5.77
Granted during the year 3,333,333 3.13 6,500,000 4.84
Forfeited/Lapsed during the year (1,500,000) 7.37 (1,191,667) 15.88
Outstanding at end of the period 24,333,333 4.44 22,500,000 3.43
Exercisable at end of the period 19,500,000 4.30 12,333,334 4.36
Share options outstanding at the end of the year are exercisable within a range of 3p and 10p.
The average life remaining of options over shares is 7.0 years at 30 June 2014 (2013: 8.5).
The fair value of the options was calculated using the Black–Scholes model as US$64,000. The inputs for the current 
year were as follows:
Date of vesting
Estimated 
fair value 
pence
Share 
price 
pence
Exercise 
price 
pence
Expected 
volatility
Expected 
life
Risk-free 
rate
17 Jun 14 1.5p 3.13p 3.13p 72% 10 1.40%
The dividend yield rate input in each of the above calculations was zero.
The share price movements during the year were as follows: high of 5.62p, low of 2.12p and a closing share price at 30 
June 2014 of 2.88p.
The volatility of the Company’s share price on each date of grant was calculated as the average of volatilities of share 
prices of companies in the peer group on the corresponding dates. The share price volatility of each Company in the 
peer group was calculated as the average of annualised standard deviations of daily continuously compounded returns 
on the companies’ stock, calculated over five years back from the date of grant.
The peer group consists of mining companies quoted on AIM with a market capitalisation of less than £100 million. The 
risk-free rate is the yield to maturity on the date of grant of a UK gilt strip, with term to maturity equal to the life of the 
option.
32. Pensions and other post-retirement benefits
The Parent Company has no pension scheme or post-retirement benefits scheme. Contributions are made to the 
private pension funds of Directors, forming part of their total remuneration.
Ongopolo Mining Ltd contributes 8% of pensionable salaries, while employees are obliged to contribute 1% of 
pensionable salaries and may contribute more if they wish. The fund is administered on an inclusive basis, meaning 
the difference between the total contribution of 8% and the total income of the fund accumulates for the retirement 
fund purposes. 68 Weatherly International plc Annual Report and Accounts 2014
33. Financial instruments
Significant accounting policies
Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis of 
measurement and the basis on which income and expenses are recognised, in respect of each class of financial asset, 
financial liability and equity instrument, are disclosed in note 3.
Categories of financial instruments
The carrying amounts presented in the statement of financial position relate to the following categories of assets and 
liabilities.
Carrying value
Financial assets
30 June 
2014 
US$’000
30 June 
2013 
US$’000
Current
Loans and receivables
Trade and other receivables 3,083 2,965 
Cash and cash equivalents 10,265 7,499 
13,348 10,464 
Non-current
Trade and other receivables 680 731 
14,028 11,195
 
Financial liabilities
Current
Amortised cost 13,381 9,807 
Non-current
Amortised cost 47,917 3,724 
61,298 13,531 
As at 30 June 2014 there were no trade receivables that were past due and all are believed to be recoverable.
The fair value is equivalent to book value for current assets and liabilities. Non-current liabilities are discounted at 
prevailing interest rates for both the long and short-term elements.
The table below summarises the maturity profile of the Group’s financial liabilities based on contractual undiscounted 
payments.
Year ended 30 June 2013
Within 
1 year 
US$’000
1-5 years 
US$’000
More than 
5 years 
US$’000
Floating rate
Loans 5,488 3,854
Non-interest bearing
Trade and other payables 4,377 – – 
Year ended 30 June 2014
Within 
1 year 
US$’000
1-5 years 
US$’000
More than 
5 years 
US$’000
Floating rate
Loans 8,947 55,535 10,637 
Non-interest bearing
Trade and other payables 4,541 – – 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2014  69 Weatherly International plc Annual Report and Accounts 2014
STRA TEGIC REPORT CORPORA TE GOVERNANCE FINANCIAL ST A TEMENTS
Liquidity risk
The Directors monitor cash flow on a daily basis and at monthly Board meetings in the context of their expectations for 
the business, in order to ensure sufficient liquidity is available to meet foreseeable needs. At present, equity funding 
from share issues and loans from Louis Dreyfus Commodities Metals Suisse SA are the main methods of funding.
Interest rate risk
The Group’s policy is to minimise interest rate cash flow risk exposures on long-term financing. At 30 June 2014, the 
Company was exposed to changes in market interest rates through its Parent Company and bank borrowings, which 
are subject to variable interest rates.
The following table illustrates the sensitivity of the net results for the year and equity to a reasonably possible 
change in interest rates of +/-1.0 basis points (2013: +/-1.0 basis points) with effect from the beginning of the year. 
These changes are considered to be reasonably possible based on observations of current market conditions. The 
calculations are based on the Company’s financial instruments held at each balance sheet date. All other variables are 
held constant.
2014 
US$’000 
+1.0 
Base points
 2013 
US$’000
+1.0 
Base points
Net effect on after tax profits 90 92 
Equity 90 92
An increase in interest rates will decrease profits.
Substantially all cash resources are invested in fixed-rate interest-bearing deposits – sterling at 0.4% on monthly call 
and US dollars at 0.14% on monthly call. The Directors seek to get the best rates possible while maintaining flexibility 
and accessibility. The inter-company loans are set at a rate tied to the market from time to time.
Credit risk
The Group sells copper concentrate to a recognised, creditworthy trading house. The income is paid for with terms of 
95% on the concentrate leaving Namibia, with 5% being trade receivables. The maximum credit risk exposure related 
to financial assets is represented by the carrying value as at the balance sheet date.
Foreign currency risk management
The Group undertakes certain transactions denominated in foreign currencies. Exchange rate exposures are managed 
within approved policy parameters utilising forward foreign exchange contracts. The Group operates within the UK and 
southern Africa and most revenue transactions are denominated in US dollars while most costs are denominated in 
Namibian dollars, resulting in exposure to exchange rate fluctuations. Funds are periodically transferred overseas to 
meet capital commitments as required.
The carrying amounts of the Group’s foreign currency denominated monetary assets (cash, trade and other 
receivables) and monetary liabilities at the reporting date are as follows:
Liabilities Assets
30 June 
2014 
US$’000
30 June 
2013 
US$’000
30 June 
2014 
US$’000
30 June 
2013 
US$’000
British pound – – 3,165 474 
Namibian dollar 542 737 6,678 3,954 
Total 543 737 9,843 4,428
  70 Weatherly International plc Annual Report and Accounts 2014
33. Financial instruments continued
Foreign currency sensitivity analysis
The Group is mainly exposed to the currencies of the United Kingdom (British pound) and Namibia (Namibian dollar).
The following table details the Group’s sensitivity to a 20% increase and decrease in the US dollar against the 
relevant foreign currencies. Twenty per cent (20%) is the movement experienced during the current financial year and 
used when reporting foreign currency risk internally to key management personnel and represents management’s 
assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis includes only 
outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 20% 
change in foreign currency rates. The sensitivity analysis includes external loans as well as loans to foreign operations 
within the Group where the denomination of the loan is in a currency other than the currency of the lender or the 
borrower. A positive number below indicates an increase in profit and equity where the US dollar strengthens 20% 
against the relevant currency. For a 20% weakening of the US dollar against the relevant currency, there would be an 
equal and opposite impact on the profit and equity, and the balances below would be negative.
British pound  
currency impact
Namibian dollar  
currency impact
30 June 2014 
US$’000
30 June 2013 
US$’000
30 June 2014 
US$’000
30 June 2013 
US$’000
Effect on profit –20% (633) (95) (1,227) (643)
+20% 633 95 1,227 643 
Effect on equity –20% (633) (95) (1,227) (643)
+20% 633 95 1,227 643 
Commodity price risk
The Group fixes the price on all contained copper in lots of 25 tonnes immediately on delivery.
Gold and silver prices are not fixed but are priced on the average monthly price following the month of delivery.
The approximate effects on the Group’s results of a 10% movement in the average price achieved for copper in the 
year, when not covered by forward contracts, would be as follows:
2014 
US$’000
2013 
US$’000
Net effect on after tax profits 2,405 1,504
Equity 2,405 1,504
34. Events subsequent to balance sheet date
There were no reportable events subsequent to the balance sheet date.
35. Other related party transactions
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on 
consolidation and are not disclosed in this note.
The following related party transactions occurred with China Africa Resources plc, an associate.
30 June 
2014 
US$’000
30 June 
2013 
US$’000
Related party balances
Debtors 36 166 
Management fees receivable 456 552
 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2014  71 Weatherly International plc Annual Report and Accounts 2014
STRA TEGIC REPORT CORPORA TE GOVERNANCE FINANCIAL ST A TEMENTS
36. Capital management policies and procedures
The Group’s capital management objectives are:
• to ensure the Group’s ability to continue as a going concern; and
• to provide an adequate return to shareholders
by being able to identify and extract copper for sale at prices that are commensurately with the level of risk.
The Group sets the amount of capital in proportion to its overall financing structure, i.e. equity and financial liabilities. 
The Group manages the capital structure and makes adjustments to it in the light of changes in economic conditions 
and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Group 
may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell 
assets to reduce debt.
Capital for the reporting periods under review is summarised as follows:
30 June 
2014 
US$’000
30 June 
2013 
US$’000
Total equity 38,608 39,449 
Borrowings 56,757 9,154 
95,365 48,603
The Group’s going concern status is covered in note 4, and the activities of the Company to provide adequate return to 
shareholders are described in the Chief Executive’s Statement on page 6. 72 Weatherly International plc Annual Report and Accounts 2014
STATEMENT OF DIRECTORS’ RESPONSIBILITIES –  
PARENT COMPANY
The Directors are responsible for preparing the annual 
report and the financial statements in accordance with 
applicable law and regulations.
Company law requires the Directors to prepare financial 
statements for each financial year. Under that law the 
Directors have prepared the Parent Company financial 
statements in accordance with United Kingdom 
Generally Accepted Accounting Practice (United Kingdom 
Accounting Standards and applicable laws). Under 
company law the Directors must not approve the financial 
statements unless they are satisfied that they give a true 
and fair view of the state of affairs of the Company and 
of the profit or loss of the Company for that period. In 
preparing these financial statements, the Directors are 
required to:
• select suitable accounting policies and then apply them 
consistently;
• make judgements and estimates that are reasonable 
and prudent;
• state whether applicable UK Accounting Standards 
have been followed, subject to any material departures 
disclosed and explained in the financial statements; 
and
• prepare the financial statements on the going concern 
basis unless it is inappropriate to presume that the 
Company will continue in business.
The Directors are responsible for keeping adequate 
accounting records that are sufficient to show and 
explain the Company’s transactions and disclose with 
reasonable accuracy at any time the financial position of 
the Company and enable them to ensure that the financial 
statements comply with the Companies Act 2006. They 
are also responsible for safeguarding the assets of the 
Company and hence for taking reasonable steps for the 
prevention and detection of fraud and other irregularities.
The Directors confirm that:
• so far as each Director is aware, there is no relevant 
audit information of which the Company’s auditor is 
unaware; and
• the Directors have taken all the steps that they 
ought to have taken as Directors in order to make 
themselves aware of any relevant audit information 
and to establish that the auditors are aware of that 
information.
The Directors are responsible for the maintenance 
and integrity of the corporate and financial information 
included on the Company’s website. Legislation in 
the United Kingdom governing the preparation and 
dissemination of financial statements may differ from 
legislation in other jurisdictions.   73 Weatherly International plc Annual Report and Accounts 2014
STRA TEGIC REPORT CORPORA TE GOVERNANCE FINANCIAL ST A TEMENTS
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF 
WEATHERLY INTERNATIONAL PLC
We have audited the Parent Company financial 
statements of Weatherly International plc for the 
year ended 30 June 2014 which comprise the Parent 
Company balance sheet, and the related notes. The 
financial reporting framework that has been applied in 
their preparation is applicable law and United Kingdom 
Accounting Standards (United Kingdom Generally 
Accepted Accounting Practice).
This report is made solely to the Company’s members, 
as a body, in accordance with Chapter 3 of Part 16 of 
the Companies Act 2006. Our audit work has been 
undertaken so that we might state to the Company’s 
members those matters we are required to state to 
them in an auditor’s report and for no other purpose. 
To the fullest extent permitted by law, we do not accept 
or assume responsibility to anyone other than the 
Company and the Company’s members as a body, for 
our audit work, for this report, or for the opinions we 
have formed. 
Respective responsibilities of Directors 
and auditors
As explained more fully in the Directors’ Responsibilities 
Statement set out on page 34, the Directors are 
responsible for the preparation of the Parent Company 
financial statements and for being satisfied that 
they give a true and fair view. Our responsibility is to 
audit and express an opinion on the Parent Company 
financial statements in accordance with applicable 
law and International Standards on Auditing (UK and 
Ireland). Those standards require us to comply with the 
Auditing Practices Board’s (APB’s) Ethical Standards for 
Auditors.
Scope of the audit of the financial statements
A description of the scope of an audit of financial 
statements is provided on the FRC’s website at 
www.frc.org.uk/apb/scope/private.cfm.
Opinion on financial statements
In our opinion, the Parent Company financial 
statements:
• give a true and fair view of the state of the Company’s 
affairs as at 30 June 2013; 
• have been properly prepared in accordance with 
United Kingdom Generally Accepted Accounting 
Practice; and
• have been prepared in accordance with the 
requirements of the Companies Act 2006.
Opinion on other matter prescribed by the 
Companies Act 2006
In our opinion the information given in the Strategic 
Report and Directors’ Report for the financial year for 
which the financial statements are prepared is consistent 
with the Parent Company financial statements.
Matters on which we are required to report by 
exception
We have nothing to report in respect of the following.
Under the Companies Act 2006 we are required to report 
to you if, in our opinion:
• adequate accounting records have not been kept by 
the Parent Company, or returns adequate for our audit 
have not been received from branches not visited by 
us; or
• the Parent Company financial statements are not in 
agreement with the accounting records and returns; or
• certain disclosures of Directors’ remuneration 
specified by law are not made; or
• we have not received all the information and 
explanations we require for our audit.
Other matter
We have reported separately on the Group financial 
statements of Weatherly International plc for the year 
ended 30 June 2014.
Nicholas Page
Senior Statutory Auditor
for and on behalf of Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
Gatwick
6 October 2014 74 Weatherly International plc Annual Report and Accounts 2014
Note
As at 
30 June 
2014 
US$’000
As at 
30 June 
2013
US$’000
Fixed assets
Investments 39 39,097 39,097 
Total fixed assets 39,097 39,097 
Current assets
Debtors – amounts due greater than 1 year 42 55,851 52,928 
Debtors – amounts due less than 1 year 42 410 402 
Cash at bank and in hand 5,571 4,163 
Total current assets 61,832 57,493 
Creditors
Amounts falling due within one year 43 508 337 
508 337 
Net current assets 61,324 57,156 
Net assets 100,421 96,253 
Capital and reserves
Called-up share capital 47 5,250 4,581 
Share premium 47 9,998 6,092 
Merger reserve 47 18,471 18,471 
Share-based payments reserve 47 605 464 
Profit and loss account 47 66,097 66,645 
100,421 96,253 
The parent entity financial statements of Weatherly International plc were approved for issue by the Board of Directors 
on 6 October 2014 and signed on behalf of the board by Rod Webster.
R J Webster
Chief Executive Officer
The notes on pages 75 to 79 form part of these financial statements.
Company registration no. 3954224
COMPANY BALANCE SHEET
AT 30 JUNE 2014  75 Weatherly International plc Annual Report and Accounts 2014
STRA TEGIC REPORT CORPORA TE GOVERNANCE FINANCIAL ST A TEMENTS
37. Basis of accounting
The separate financial statements of the Company are presented as required by the Companies Act 2006. They have 
been prepared under the historical cost convention and in accordance with applicable United Kingdom Accounting 
Standards and law.
The principal accounting policies are summarised below and are consistent in all material respects with those applied 
in the previous year, except as otherwise noted.
38. Accounting policies: parent entity
a. Basis of preparation and change in accounting policy
The parent entity financial statements of Weatherly International plc were approved for issue by the Board of Directors 
on 6 October 2014.
The financial statements are prepared under the historical cost convention.
The financial statements are prepared in accordance with United Kingdom Generally Accepted Accounting Practice. 
b. Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance 
sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a 
right to pay less or to receive more, tax, with the following exceptions:
• provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, 
and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, 
at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision 
is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the 
taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are 
sold;
• provision is made for deferred tax that would arise on remittance of the retained earnings of overseas subsidiaries, 
associates and joint ventures only to the extent that, at the balance sheet date, dividends have been accrued as 
receivable;
• deferred tax assets are recognised only to the extent that the Directors consider that it is more likely than not that 
there will be suitable taxable profits from which the future reversal of the underlying timing differences can be 
deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which 
timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
c. Share-based payments
Equity-settled transactions
The cost of equity-settled transactions with employees is measured by reference to the fair value at the date at which 
they are granted and is recognised as an expense over the vesting period, which ends on the date on which the relevant 
employees become fully entitled to the award. Fair value is determined by an external valuer using an appropriate 
pricing model. In valuing equity-settled transactions, no account is taken of any vesting conditions, other than market 
conditions linked to the price of the shares of the Company.
No expense is recognised for awards that do not ultimately vest, except for awards where vesting is conditional upon 
a market condition, which are treated as vesting irrespective of whether or not the market condition is satisfied, 
provided that all other performance conditions are satisfied. 
NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2014 76 Weatherly International plc Annual Report and Accounts 2014
38. Accounting policies: parent entity continued
At each balance sheet date before vesting, the cumulative expense is calculated, representing the extent to which the 
vesting period has expired and management’s best estimate of the achievement or otherwise of non-market conditions 
and the number of equity instruments that will ultimately vest, or in the case of an instrument subject to a market 
condition, be treated as vesting as described above. The movement in cumulative expense since the previous balance 
sheet date is recognised in the profit and loss amount with a corresponding entry in equity.
Where the terms of an equity-settled award are modified or a new award is designated as replacing a cancelled or 
settled award, the cost based on the original award terms continues to be recognised over the original vesting period. 
In addition, an expense is recognised over the remainder of the new vesting period for the incremental fair value of any 
modification, based on the difference between the fair value of the original award and the fair value of the modified 
award, both as measured on the date of the modification. No reduction is recognised if this difference is negative.
Where an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any cost 
not yet recognised in the profit and loss for the award is expensed immediately. Any compensation paid up to the fair 
value of the award at the cancellation or settlement date is deducted from equity, with any excess over fair value being 
treated as an expense in the profit and loss account.
All equity-settled share-based payments are ultimately recognised as an expense in the profit and loss account with a 
corresponding credit to ‘other reserve’.
Upon exercise of share options, the proceeds received net of attributable transaction costs are credited to share 
capital and, where appropriate, share premium.
d. Interest-bearing loans and borrowings
All interest-bearing loans and borrowings are initially recognised at net proceeds. After initial recognition, debt is 
increased by the finance cost in respect of the reporting period and reduced by payments made in respect of the debts 
of the period. Finance costs of debt are allocated over the term of the debt at a constant rate on the carrying amount.
e. Classification of shares as debt or equity
An equity instrument is a contract that evidences a residual interest in the assets of an entity after deducting all its 
liabilities. Accordingly, a financial instrument is treated as equity if:
(i) there is no contractual obligation to deliver cash or other financial assets or to exchange financial assets or 
liabilities on terms that may be unfavourable; and
(ii) the instrument is a non-derivative that contains no contractual obligations to deliver a variable number of shares 
or is a derivative that will be settled only by the Group exchanging a fixed amount of cash or other assets for a fixed 
number of the Group’s own equity instruments.
When shares are issued, any component that creates a financial liability of the Company or Group is presented as a 
liability in the balance sheet, measured initially at fair value net of transaction costs and thereafter at amortised cost 
until extinguished on conversion or redemption. The corresponding dividends relating to the liability component are 
charged as interest expense in the income statement. The initial fair value of the liability component is determined 
using a market rate for an equivalent liability without a conversion feature.
The remainder of the proceeds on issue is allocated to the equity component and included in shareholders’ equity, net 
of transaction costs. The carrying amount of the equity component is not re-measured in subsequent years.
Transaction costs are apportioned between the liability and equity components of the shares, based on the allocation 
of proceeds to the liability and equity components when the instruments are first recognised. 
f. Investments
Investments are measured at historic cost, less any provision for impairment.
NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS
CONTINUED
FOR THE YEAR ENDED 30 JUNE 2014  77 Weatherly International plc Annual Report and Accounts 2014
STRA TEGIC REPORT CORPORA TE GOVERNANCE FINANCIAL ST A TEMENTS
39. Investments
30 June 
2014 US$ 
‘000
30 June 
2013
US$ ‘000
Fixed asset investments
Opening balance 39,097 39,097 
Investments in the year – –
Closing balance 39,097 39,097
For a listing of the subsidiaries, see note 19 (a).
40. Operating profit
Auditor’s remuneration relating to the parent entity amounted to US$72,000 (2013: US$58,000).
41. Directors’ remuneration
2014 
US$’000
2013
 US$’000
Emoluments 551 457
Contributions to money purchase schemes 63 61
614 518
Fees of highest paid Director 269 273
During the year, no Directors (2013: nil) participated in defined benefit pension schemes and one Director (2013: one) 
participated in money-purchase pension schemes.
42. Debtors
30 June 
2014 
US$ ‘000
30 June 
2013 
US$ ‘000
Debtors due within one year
Trade debtors 119 181 
Prepayments and other debtors 194 203 
VAT 97 18 
Total current 410 402 
Debtors due after more than one year
Amount due from subsidiary undertakings (see note 50) 55,851 52,928 
Total non-current 55,851 52,928 
Total debtors 56,261 53,330
43. Creditors: amounts falling due within one year
30 June 
2014 
US$’000
30 June 
2013 
US$’000
Trade creditors 338 243 
Other creditors and accruals 170 94 
508 337
44. Subsidiaries 
Details of the Company’s subsidiaries at 30 June 2014 are as included in the consolidated Group accounts under note 
19 (a). 78 Weatherly International plc Annual Report and Accounts 2014
45. Financial assets 
Loans to other Group entities
At the balance sheet date amounts receivable from the fellow Group companies were US$55.9 million (2013: US$53.5 
million). The carrying amount of these assets approximates to their fair value. These amounts owing from Group 
companies are shown net of an impairment amount of US$10.5 million (2013: US$10.5 million). Following a review by 
the Directors these are considered due after more than one year as there is no agreed repayment date. 
Cash and cash equivalents
These comprise cash held by the Company and short-term bank deposits with an original maturity of three months or 
less. The carrying amount of these assets approximates their fair value.
46. Financial liabilities
Trade and other payables
Trade payables principally comprise amounts outstanding for trade purchases and ongoing costs. 
The carrying amount of trade payables approximates their fair value.
Borrowings
The Company had no borrowings during the financial year (2013: US$ Nil)
47. Movement in shareholders’ funds 
Issued 
capital 
US$’000
Share 
premium 
US$’000
Merger 
reserve 
US$’000
Share-based 
payment 
reserve 
US$’000
Retained 
earnings 
US$’000
Total 
equity 
US$’000
At 30 June 2012 4,581 6,092 18,471 486 65,972 95,602 
Profit for the year – – – – 504 504 
Lapsed options and warrants – – – (169) 169 –
Share-based payments – – – 147 – 147 
At 30 June 2013 4,581 6,092 18,471 464 66,645 96,253 
Profit for the year – – – – (617) (617)
Lapsed options and warrants – – – (69) 69 –
Share-based payments – – – 210 – 210 
Issue of ordinary shares 669 4,046 – – – 4,715 
Share issue costs (140) (140)
At 30 June 2014 5,250 9,998 18,471 605 66,097 100,421 
48. Profit attributable to members of the Parent Company 
The loss for the year dealt with in the accounts of the Parent Company, Weatherly International plc, was US$617,000 
(2013: profit of US$503,000). As permitted by section 408 of the Companies Act 2006, no separate profit or loss account 
is presented in respect of the Parent Company.
49. Post balance sheet events
There are no reportable events subsequent to the balance sheet date.
NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS
CONTINUED
FOR THE YEAR ENDED 30 JUNE 2014  79 Weatherly International plc Annual Report and Accounts 2014
STRA TEGIC REPORT CORPORA TE GOVERNANCE FINANCIAL ST A TEMENTS
50. Related party transactions 
The following related party transactions occurred with Weatherly Mining Namibia Ltd, a non-wholly-owned subsidiary.
30 June 
2014 
US$’000
30 June 
2013 
US$’000
Debtors 55,851 52,928 
Management fees received 2,400 2,400 
Interest received 246 329
The following related party transactions occurred with China Africa Resources plc, an associated company.
30 June 
2014 
US$’000
30 June 
2013 
US$’000
Debtors 36 166 
Management fees received 456 552 
The exemption available from disclosing related party transactions with wholly owned subsidiaries has been taken. 80 Weatherly International plc Annual Report and Accounts 2014
Directors
J Bryant (Non-Executive Chairman)
R J Webster (Chief Executive Officer)
W G Martinick (Non-Executive)
A J Stephens (Senior Independent Non-Executive)
C G Stavrakis (Non-Executive)
Secretary
K S Ellis (appointed 1 January 2014)
Registered office
180 Piccadilly
London W1J 9HF
Registered number
3954224 (England and Wales)
Auditor
Grant Thornton UK LLP
The Explorer Building
Fleming Way
Manor Royal
Crawley RH10 9GT
Bankers
Bank of Scotland
St James’s Gate
14–16 Cockspur Street,
London SW1Y 5BL
COMPANY INFORMATION
Solicitors
Morrison & Foerster (UK) LLP 
CityPoint
One Ropemaker Street
London EC2Y 9AW
Nominated adviser and Broker
RFC Ambrian
Condor House
10 St Pauls Churchyard
London EC4M 8AL
Joint Broker
finnCap
60 New Broad Street
London EC2M 1JJ
Registrars
Capita Registrars
The Registry
34 Beckenham Road
Beckenham
Kent BR3 4TU
Website
www.weatherlyplc.com
TIDN
WTI.L  180 Piccadilly
London
W1J 9HF
T: +44 (0) 207 917 2989
F: +44 (0) 207 439 0262
www.weatherlyplc.com
Weatherly International plc Annual Report and Accounts 2014