AIM-listed copper miner Weatherly International saw its share prices plummet almost 30% on Tuesday as the company agreed a new debt repayments schedule.
The amended arrangements with Orion Mine Finance will see Weatherly extend some repayments, including one which was previously due for 31 March, to 30 June 2018 while others have been extended to as late as 30 June 2020.

Weatherly that as a loan rescheduling fee, Orion has the right but not the obligation to buy, if available, up to 700 tonnes of unhedged cathode each month from Weatherly until 30 April 2018 at a price of $6,000 per tonne. Orion can only exercise its option to the extent of unhedged tonnes produced in the month.

The payment previously scheduled for 31 March was for facility B which will be repayable in eight equal repayments of capital and accrued interest of $14.1m while facilities C and D, deferred until 30 June, require repayment of capital and accrued interest of $11m.

A new clause alongside the repayment arrangements has granted Orion approval rights on expenditure outside of the board's agreed budget.

Other amendments to the existing contract between the two companies "will result in the company (Weatherly International) having reduced flexibility on cash generated from copper sold to Orion," which will be enacted via a cash sweep mechanism and tightened offtake credit arrangements.

As of 1045 BST, Weatherly International's shares were down 29.60% at 0.88p.

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