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MTX
MEMTX
MTX - Metorex Limited - Company Announcement
METOREX LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1934/005478/06)
JSE code: MTX
ISIN: ZAE000022745
Issuer code: MEMTX
("Metorex")
Company Announcement
Media Release on Review of Mining Titles - Democratic Republic of Congo (`DRC`)
Further to the Metorex Announcement of 6 November 2007 regarding the Mining
Titles Review Commission in the DRC, and the possible confusion this commission
seems to have caused in certain investor circles, we note as follows:
- The review committee was established with a view to presenting the
government with a summary of the present situation in the mining sector in the
DRC;
- There is no substance to the suggestion that this Committee had any
intention, or in fact the statutory authority to affect or alter or renegotiate
in any way whatsoever any of the existing agreements;
- The Minister of Mines as well as the Governor of the Province of Katanga
has clearly indicated that no existing titles or operations will be interfered
with save where there may be minor contractual flaws; such flaws will be
rectified but would not affect the overall agreements in place;
- The Ruashi Mining and Copper Resources Corporation (MMK) mining and mineral
titles are fully compliant in all of its aspects and will remain unaffected, as
is evident with all other existing agreements in place;
- A number of companies in Katanga are proceeding with their development
projects and various mergers have recently been announced, in line with the
inviolability of the agreements;
- Metorex continues to develop its investments in the DRC, which is borne out
by the commissioning of Phase II of the Ruashi project in the first quarter of
2008 and its recent acquisition of its interests in Copper Resources Corporation
and planned development of the Kinsenda Mine as Phase I of that project; and
- Metorex is furthermore investigating aggressively the possibility of
further investments in line with all other international investors in the DRC.
Metorex Limited
Johannesburg
South Africa
Issued by Metorex Limited
28 November 2007
For further information contact:
Charles Needham
Chief Executive Officer
Tel: +27 11 880 3155
Fax: +27 11 880 3322
JSE; LSE, ADR-BoNY
Registered Office:
Cradock Heights
21 Cradock Avenue
Rosebank
Johannesburg
South Africa
Date: 28/11/2007 14:12:25 Produced by the JSE SENS Department.
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