MTX
MEMTX
MTX - Metorex Update On Share Price Volatility
METOREX LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1934/005478/06)
JSE code: MTX
ISIN: ZAE000022745
Issuer code: MEMTX
("Metorex")
Metorex update on share price volatility
The Board of Directors of Metorex ("the Board") would like to assure
shareholders that the fundamentals of the Metorex Group have never been as
positive or robust as they are at present, which has not been borne out in the
recent decline in the share price.
The Ruashi II and the Zinc plant at Sable have both commenced commissioning.
The expansion at the Vergenoeg fluorspar mine is complete and global fluorspar
prices are increasing. This remains the single largest fluorspar mine in the
world.
Chibuluma mine in Zambia has increased both its tonnage milled and copper
production. Operations and production at the Consolidated Murchison mine and
Barberton mine are performing in line with expectations and gold and base metal
prices are robust.
As announced on Monday, 21 January 2008, the offer by Metorex to the minority
shareholders of Copper Resources Corporation ("CRC") ("the Offer") has been
completed. Metorex currently holds a 46% interest in CRC and 5% in Miniere de
Musoshi et Kinsenda SARL, the operating company and a 75% owned subsidiary of
CRC.
Whilst the international markets have been affected by the sub prime crisis, it
is the Board`s opinion that the extended time required to finalise the Offer has
had an unnatural effect on the Metorex share price given the current
fundamentals of the Group.
A trading update for the half year ended 31 December 2007 will be released on
SENS by the end of January 2008.
Johannesburg
24 January 2008
Sponsor:
Barnard Jacobs Mellet Corporate Finance (Pty) Limited
IR Consultants:
College Hill
Date: 24/01/2008 13:06:02 Produced by the JSE SENS Department.
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