Weatherly International PLC's shares fell more than 10% at market close in London on May 21 after the company announced several updates on its operations.
The company said an increase in water inflows at its Tschudi copper mine in Namibia is expected to affect production at the site.
The mine's open pit has experienced a rapid increase in groundwater inflow rates following a routine production blast earlier this month.
Weatherly expects water levels in the pit to stabilize in the near term as additional pumps are installed, but several areas of the pit are mostly submerged. It is still assessing how the inflows will affect the mine's economic life.
Separately, the company said Zambia's conditional approval for its purchase of Intrepid Mines Ltd.'s Kitumba copper project lapsed May 18.
Weatherly, meanwhile, said it is unlikely to generate enough surplus cash to settle its loans and remains in talks with Orion Mine Finance to agree to a long-term restructuring of the company's secured debt facilities.
The AIM-listed miner's share price recently took a hit after it put itself up for sale. It announced a strategic review, with an outright sale named as one option alongside the sale of certain assets or a share issue.
