MTX - Metorex Limited - Metorex increases its inte
MTX
MEMTX
MTX - Metorex Limited - Metorex increases its interest in Ruashi - Media Release
METOREX LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1934/005478/06)
JSE code: MTX
ISIN: ZAE000022745
Issuer code MEMTX
("Metorex")
MEDIA RELEASE - 28 March 2007
METOREX INCREASES ITS INTEREST IN RUASHI
Johannesburg - Metorex Limited (`Metorex`) is pleased to announce that it has
reached agreement with Sentinelle Global Investments (Pty) Ltd to acquire its
16% interest in Ruashi Holdings (Pty) Ltd for an issue of 12,5 million new
ordinary Metorex shares at R21.35 per share and R60 million cash (`the
transaction`). This gives Metorex a 100% interest in Ruashi Holdings (Pty) Ltd.
Ruashi Holdings (Pty) Ltd owns 80% of Ruashi Mining sprl, which has the rights
to process the ore stockpiles on Ruashi and Etoile (Phase I) as well as the
rights to exploit the Ruashi orebody (Phase II).
The transaction increases Metorex`s effective interest in Ruashi Mining sprl
from 67,2% to 80% with the remaining shares held by Gecamines, and significantly
enhances earnings from the copper division.
Charles Needham, CEO of Metorex said: "This acquisition is in line with our
strategic objective of growing our shareholding in our underlying long-life high
quality assets for the purpose of creating shareholder value."
Johannesburg
South Africa
Issued by Metorex Limited
28 March 2007
For further information contact:
Charles Needham
Chief Executive
Tel: +27 11 880 3155
Fax: +27 11 880 3322
Visit our websites at : www.metorexgroup.com
www.ruashi.com
Registered office:
Cradock Heights
21 Cradock Avenue
Rosebank
Johannesburg
South Africa.
Date: 28/03/2007 14:45:00 Produced by the JSE SENS Department.
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