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MTX
MEMTX
MTX - Metorex - DRC Mining Contracts Review
METOREX LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1934/005478/06)
JSE code: MTX
ISIN: ZAE000022745
Issuer code: MEMTX
("Metorex")
DRC MINING CONTRACTS REVIEW
Ruashi Holdings (Pty) Ltd (`RH`), a wholly owned subsidiary of Metorex Limited
(`Metorex`) has received a letter from the Democratic Republic of Congo Minister
of Mines advising of the results of the Review commission`s revisitation of the
Ruashi Mining sprl (`RM`) Mining Convention.
RM is owned by RH (80%), and 20% by Gecamines Des Carrieres et Des Mines
(`Gecamines`). The letter has requested RH to submit certain documentation
pertinent to the RM operations, including:
The original feasibility study of the Ruashi Project with the objective of
clarifying and evaluating the equity of the real contribution in the Ruashi
Mining Joint Venture, namely RH 80% and Gecamines 20%. RH is a wholly owned
subsidiary of Metorex.
A description and evaluation of the social programmes that have been performed
and are planned for the future.
A description of the involvement by Gecamines in the day-to-day management of
RM.
Metorex is preparing a response to the Ministry, which is expected to be
submitted within a week.
RM has engaged in active social and community development, and values the active
involvement by Gecamines executives in daily management, monthly management
meetings, and quarterly board meetings. It further submits that the real value
of the Gecamines-carried interest in the Ruashi projects is considered to be
equitable. This has been valued on a discounted cashflow basis and it will
accompany the submission.
Ruashi Mining is classified in the `B` category of the Commission`s review list,
and at no time has the mining title been the focus of the review.
Johannesburg
25 February 2008
Enquiries:
METOREX LIMITED
Charles Needham - Tel: 011 880 3155
South African PR Company:
College Hill
Jacques de Bie - Tel: 011 447 3030
Corporate Advisor and Sponsor:
Barnard Jacobs Mellet Corporate Finance (Pty) Ltd
Date: 25/02/2008 14:07:10 Produced by the JSE SENS Department.
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