By Surihe Gaomas WINDHOEK Weatherly International Plc (WTI), the majority shareholder at the Ongopolo Copper Mine and Processing, has disposed of two of its non-core assets to Canadian exploration and mining firm Forsys Metal Corp, in a deal worth more than U$10 million according to a press release issued by Ongopolo last week. WTI, the majority shareholder with close to 90% shareholding in Ongopolo, said that it had sold the Khorixas mining lease and an entitlement to a 15 percent stake in the Ondundu Project to the Canadian-based company, which is listed on the Toronto Stock Exchange. In addition to the deal, according to the company statement, Forsys its shares to Ongopolo. In total, the deal is expected to be in the range of U$10 million dollars considering the share value of Forsys Metals. It is further reported that Forsys has uranium and base metal mining assets in Namibia, where Ongopolo has major assets. In addition, Forsys is exercising an option over Weatherly’s 10% stake in the Valencia Prospect Licence also held by Ongopolo. “We are delighted to have been able to further cement our relationship with Forsys and to acquire a valuable stake in that company,” said Ongopolo’s Chief Executive Officer Rod Webster in the latest press statement. He added that the recent transaction served to consolidate Weatherly as a major player in the African mining industry with its widening range of copper, zinc and uranium assets. Earlier, WTI pumped in millions of dollars into reviving Ongopolo’s three copper mines and the copper smelting plant, which has capacity to refine copper from the group’s mines as well as to refine imports. As a result of these developments, the copper town of Tsumeb is fast returning to its former glory with the two latest additions of the Tschudi and Tsumeb West Mines going into production over the next few months. With production from operating mines at Kombat, Otjihase and Matchless, the new production will contribute greatly to raising Ongopolo’s overall copper output of approximately 20 000 tonnes a year. In the past, the closure of the former TCL Mines nearly resulted in a loss of opportunities for the Tsumeb residents with regard to jobs and business. It also ultimately affected the economy of the town. Separately, Ongopolo and one of the Forsys group companies have entered into a joint venture for the exploration and development of the Elbe copper prospecting licence in Namibia.