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MTX
MEMTX
MTX - Metorex Limited - Operational Update on Ruashi
METOREX LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1934/005478/06)
Share code: MTX
ISIN: ZAE000022745
Issuer code: MEMTX
("Metorex")
Operational Update on Ruashi
Metorex, the diversified mining group listed on the JSE Limited, wishes to
inform shareholders and update the market of Ruashi Mining SPRL`s ("Ruashi")
performance during June and the second quarter of 2009.
Chief Executive Officer Terence Goodlace said; "The Ruashi mine exceeded our
June 2009 quarterly copper production expectation of 4,500 tons by producing
5,245 tons. Cobalt production also exceeded the 450 tons expected as 568 tons
of cobalt was produced. Plant debottlenecking continues to be a key focus and
satisfactory progress has been made with improving reagent circuits. The
resource and reserve infill drilling programme is still on track and it is
planned to report new resource and reserve numbers early in September 2009 when
we release the Metorex annual results."
Table 1 - Salient Production Features at Ruashi
Units Jan Feb Mar Q1 Total
Waste Mined Tons 245,472 311,389 317,496 874,357
Ore Mined Tons 65,832 12,429 2,710 80,971
Processed Tons 47,210 45,136 50,204 142,550
Processed % Cu 2.58% 2.51% 2.79% 2.63%
Processed % Co 0.62% 0.70% 0.47% 0.58%
Copper Tons 901 916 1,102 2,919
Produced
Cobalt Tons - 42 110 152
Produced
Table continues:...
April May June Q2 Total % Q1 vs Q2
428,475 449,616 491,204 1,369,295 56.6
73,572 104,720 69,052 247,344 205.5
70,279 81,438 78,103 229,820 61.2
2.54% 2.61% 2.92% 2.92% 11.0
0.45% 0.48% 0.54% 0.54% -6.8
1,531 1,847 1,867 5,245 79.7
161 214 193 568 273.7
Resources and Reserves
The Ruashi infill diamond drilling programme previously reported, was completed
on 6 June 2009. All holes have been logged and sampled. All samples submitted
to the Ruashi mine laboratory for analyses have been assayed and the results
captured in a relational database. External QA / QC results from Robinsons
International in Lubumbashi have been reviewed by Coffey Mining and comply with
acceptable industry standards.
New information continues to support the historical drilling data with numerous
high grade copper and cobalt zones confirmed in the Ruashi 2 and 3 pits.
A summary of all results received to date is provided in Table 2. These
intersections are selected above a 1% copper or 0.2% cobalt grade limit with all
intersections reported as downhole intersection widths.
Some significant new results received in the last month include:
Pit 2 RSS36 - 10 metres at 15.8% copper from 29 metres;
RSS40 - 11 metres at 18.2% copper from 59 metres;
RSS41 - 11 metres at 15.8% copper from 62 metres.
Pit 3 RSS11 - 18 metres at 2.6% cobalt from 50 metres
and 26 metres at 1.3% cobalt from 89 meters
RSS24 - 36 metres at 5.2% copper and 0.9% cobalt from 81
metres.
RSS25 - 20 metres at 8.0% copper and 1.2% cobalt from 81
metres.
Table 2 - Ruashi Infill Diamond Drilling Results as of 30 June 2009
Bh no Date Pit No Final From To Intersec Cu% Co% New
completed Depth tion Results
m Width
RSS 01 05-04-09 Pit 1 50 2.1 6.0 3.9 3.51% 0.32
%
25.0 37.0 12.0 1.61% 0.29
%
RSS 02 07-04-09 Pit 1 80 12.0 16.0 4.0 5.18% 1.26
%
21.0 24.0 3.0 1.00% 0.45
%
RSS 03 06-04-09 Pit 1 40 12.0 13.0 1.0 1.77% 0.35
%
RSS 04 07-04-09 Pit 1 50 1.0 14.0 13.0 2.66% 0.29
%
RSS 05 17-04-09 Pit 1 54 0.0 11.0 11.0 3.71% 0.54
%
RSS 06 10-04-09 Pit 1 80 0.0 35.0 35.0 2.68% 0.45
%
incl
7.0 15.0 8.0 4.82% 0.56
%
40.0 46.0 6.0 1.18% 0.13
%
50.0 56.0 6.0 3.01% 0.05
%
RSS 07 15-04-09 Pit 1 40 0.0 12.0 12.0 0.28% 0.28
%
RSS 08 16-04-09 Pit 1 24 1.0 5.0 4.0 2.13% 0.18
%
10.0 19.0 9.0 7.22% 0.10
%
RSS 09 19-04-09 Pit 1 50 20.0 44.0 24.0 3.25% 0.22
%
incl
35.0 44.0 9.0 6.25% 0.18
%
RSS 10 29-05-09 Pit 3 131 47.0 60.0 13.0 0.29% 0.90 *
%
64.0 75.0 11.0 0.13% 0.93 *
%
89.0 110.0 21.0 0.46% 0.68 *
%
118. 132.0 14.0 1.29% 0.27 *
0 %
RSS 11 23-05-09 Pit 3 150 50.0 68.0 18.0 0.26% 2.64 *
%
89.0 115.0 26.0 0.70% 1.29 *
%
137. 142.0 5.0 2.59% 0.22 *
0 %
RSS 12 20-05-09 Pit 3 157 49.0 71.0 22.0 0.18% 0.69 *
%
109. 120.0 11.0 0.84% 0.89 *
0 %
RSS 13 14-05-09 Pit 3 180 41.0 73.0 32.0 0.19% 1.69 *
%
131. 149.0 18.0 1.94% 0.19 *
0 %
RSS 14 11-05-09 Pit 3 189 70.0 99.0 29.0 0.16% 0.81 *
%
137. 186.0 49.0 4.39% 0.33 *
0 %
RSS 15 09-05-09 Pit 3 194 79.0 89.0 10.0 13.45 0.58 *
% %
89.0 116.0 29.0 0.22% 1.04 *
%
140. 178.0 49.0 6.87% 0.19 *
0 %
RSS 16 06-05-09 Pit 3 180 70.0 82.0 12.0 11.97 0.04
% %
95.0 105.5 10.5 0.09% 0.56
%
144. 160.0 16.0 6.08% 0.45
0 %
RSS 17 28-04-09 Pit 3 153 66.0 78.0 12.0 11.79 0.06
% %
93.0 106.0 13.0 5.32% 0.87
%
109. 153.2 44.2 7.09% 0.05
0 %
incl
113. 122.0 9.0 11.20 0.06
0 % %
and
126. 143.0 17.0 9.58% 0.01
0 %
RSS 18 03-05-09 Pit 3 150 35.0 61.0 29.0 0.17% 1.50 *
%
91.0 99.0 8.0 7.20% 1.70 *
%
RSS 19 28-04-09 Pit 3 129 29.0 48.0 19.0 0.66% 1.13
%
51.0 67.0 16.0 0.07% 0.83
%
81.0 93.0 12.0 4.45% 0.17
%
RSS 20 24-04-09 Pit 3 135 39.0 70.0 31.0 0.24% 0.72
%
79.0 88.0 9.0 0.21% 0.85
%
90.0 103.0 13.0 4.28% 0.76
%
RSS 21 31-05-09 Pit 3 124 NO *
ECONO
MIC
MINER
ALISA
TION
RSS 22 28-05-09 Pit 3 187 71.0 77.0 6.0 9.07% 0.53 *
%
82.0 127.0 31.0 0.34% 1.39 *
%
160. 171.0 11.0 1.99% 0.22 *
0 %
RSS 23 27-05-09 Pit 3 176 60.0 70.7 10.7 8.72% 0.96 *
%
74.0 85.0 11.0 0.15% 0.42 *
%
91.0 96.0 5.0 5.86% 2.35 *
%
114. 143.0 29.0 0.27% 0.22 *
0 %
151. 165.0 14.0 1.73% 0.40 *
0 %
RSS 24 20-05-09 Pit 3 208 81.0 117.0 36.0 5.23% 0.96 *
%
incl *
81.0 90.0 9.0 11.46 1.50 *
% %
and *
109. 117.0 8.0 7.22% 0.36 *
0 %
170. 188.0 18.0 3.79% 0.25 *
0 %
RSS 25 16-05-09 Pit 3 185 81.0 101.0 20.0 8.00% 1.23 *
%
104. 113.0 9.0 0.05% 0.59 *
0 %
114. 119.0 5.0 5.31% 0.95 *
0 %
162. 167.0 5.0 5.37% 0.03 *
0 %
171. 177.0 6.0 12.94 0.44 *
0 % %
RSS 26 04-06-09 Pit 3 163 60.0 72.0 12.0 0.69% 0.41 *
%
88.0 138.0 50.0 0.64% 0.89 *
%
153. 162.0 9.0 6.28% 0.15 *
0 %
RSS 27 26-04-09 Pit 2 69 0.0 7.0 7.0 0.88% 0.41
%
24.0 30.0 6.0 4.08% 0.39
%
RSS 28 04-06-09 Pit 2 40 4.0 11.0 7.0 3.98% 0.38 *
%
RSS 29 28-05-09 Pit 2 80 NO *
ECONO
MIC
MINER
ALISA
TION
RSS 30 30-04-09 Pit 2 87 18.0 22.0 4.0 0.16% 1.40 *
%
26.0 33.0 7.0 0.09% 0.94 *
%
48.0 55.0 7.0 2.65% 0.19 *
%
RSS 31 18-04-09 Pit 2 100 13.0 60.0 47.0 5.95% 0.57
%
incl
24.0 28.0 4.0 7.45% 0.03
%
and
31.0 44.0 13.0 4.19% 1.12
%
and
46.0 58.0 12.0 9.11% 0.68
%
RSS 32 15-04-09 Pit 2 100 15.0 55.0 40.0 6.24% 0.93
%
incl
34.0 50.0 16.0 11.15 1.23
% %
76.0 84.0 8.0 2.50% 0.18
%
RSS 33 20-04-09 Pit 2 102 9.0 40.0 31.0 1.73% 0.15
%
59.0 89.0 30.0 3.14% 0.07
%
RSS 34 05-05-09 Pit 2 91 NO *
ECONO
MIC
MINER
ALISA
TION
RSS 35 24-05-09 Pit 2 105 45.0 53.0 8.0 8.06% 0.07 *
%
73.0 82.0 9.0 1.46% 0.06 *
%
RSS 36 21-05-09 Pit 2 89 29.0 39.0 10.0 15.79 0.03 *
% %
69.0 80.0 11.0 4.75% 0.47 *
%
RSS 37 15-05-09 Pit 2 111 28.0 39.0 11.0 7.48% 0.21 *
%
56.0 79.0 23.0 6.54% 0.50 *
%
82.0 88.0 6.0 4.67% 0.52 *
%
93.0 107.0 14.0 4.84% 0.11 *
%
RSS 38 06-05-09 Pit 2 54 0.0 6.0 6.0 0.73% 0.40 *
%
15.0 22.0 7.0 0.65% 0.40 *
%
24.0 44.0 20.0 1.73% 0.13 *
%
RSS 39 03-06-09 Pit 3 83 NO *
ECONO
MIC
MINER
ALISA
TION
RSS 40 31-05-09 Pit 2 110 59.0 70.0 11.0 18.18 0.14 *
% %
74.0 97.0 23.0 1.89% 0.05 *
%
RSS 41 10-05-09 Pit 2 108 62.0 73.0 11.0 15.78 0.06 *
% %
77.0 104.0 26.0 2.88% 0.49 *
%
RSS 43 20-04-09 Pit 1 39 0.0 28.0 28.0 3.38% 0.39
%
incl
17.0 24.0 7.0 8.96% 0.25
%
RSS 44 24-04-09 Pit 1 36 2.0 28.0 26.0 1.62% 0.20
%
RSS 45 08-04-09 Pit 1 40 0.0 7.0 7.0 5.99% 0.24
%
13.0 16.0 3.0 4.15% 0.19
%
RSS 46 09-04-09 Pit 1 50 23.0 36.0 13.0 3.65% 0.24
%
incl
28.0 30.0 2.0 9.21% 0.19
%
RSS 47 11-04-09 Pit 1 65 3.0 22.0 19.0 1.52% 0.33
%
incl
14.0 18.0 4.0 4.14% 0.40
%
26.0 34.0 8.0 3.35% 0.25
%
36.0 40.0 4.0 2.21% 0.26
%
43.0 62.0 19.0 5.06% 0.40
%
incl
50.0 54.0 4.0 10.82 0.74
% %
RSS 48 12-04-09 Pit 1 80 17.0 30.0 13.0 4.22% 0.72
%
incl
19.0 23.0 4.0 8.99% 1.79
%
33.0 44.0 11.0 1.23% 0.12
%
64.0 72.0 8.0 2.56% 0.51
%
RSS 50 13-04-09 Pit 1 60 8.0 17.0 9.0 7.11% 1.07
%
incl
11.0 16.0 5.0 11.52 1.86
% %
20.0 22.0 2.0 10.11 2.58
% %
45.0 52.0 7.0 2.45% 0.24
%
RSS 51 14-04-09 Pit 1 62 11.0 21.0 10.0 2.02% 0.29
%
32.0 41.0 9.0 1.68% 0.07
%
RSS 52 06-06-09 Pit 1 40 0.0 7.8 7.8 2.56% 0.56
%
Notes:
1. All copper and cobalt mineralisation is oxide unless otherwise stated.
2. All intersections reported as downhole intersection widths. All drillholes
were inclined at 600 to minimise apparent intersections.
3. Mineralised intersections selected above 1% copper or 0.2% Co.
4. Core losses and missing samples within intersections treated as zero grade.
Work on the revised Surpac geological resource model is progressing well. This
will be followed by a Whittle pit optimisation exercise to define the optimal
pit based on revised price and operating cost parameters. The full cost of
drilling, assay and modelling was within the planned budget of US$1.88 million.
A revised resource and reserve statement for Ruashi is expected to be released
during September 2009.
Mining
Overburden stripping has continued in Pit 2 and the south side of Pit 1 to
expose the full orebody on the bench. The mine continues to blend in ore from
stockpiles to maintain plant stability until sufficient ore is available in the
pit for full grade and "gangue acid consumption" flexibility.
Processing
Progress has been made to bring the plant to steady state operation. The pre-
leach thickener has operated to design specifications, and transfer to the
leaching section has been good. The leaching rate was 155 tons per hour, due to
higher gangue acid consumption which slowed the process. However, this matter
was resolved with improved blending of ore feed to the plant. The counter-
current decantation circuit operated effectively, as did the solvent extraction
("SX") and electro-winning sections. There was a manufacture failure on the
centrifuge in the SX section however this has been repaired and a new unit
purchased. The bottlenecks in the flocculation plant and lime plant continue to
be addressed. Training of staff has yielded results with less stoppages and
more pro-active remedial action being taken in the event of problems.
Total mill feed during June 2009 amounted to 78,103 tons at a blended head
grade, between tailings and open pit ore sources, of 2,92% copper and 0.54%
cobalt. The mine produced 1,867 tons of LME "A" grade copper cathode and 193
tons of contained cobalt in carbonate in June and 5,245 tons of copper and 568
tons of cobalt over the June quarter.
Infrastructure and services
All power supplied to Ruashi is hydro generated electricity. The mine has two
power feeds, a 15KV, 20MVA line from Zil sub-station in Lubumbashi, and a 220KV,
40MVA line from the Karavia sub-station. Karavia is supplied from both Inga
Hydro Electric and Ngezi Hydro Electric. Due to extensive maintenance planned
by the power utility in the Democratic Republic of the Congo, power outages are
expected in August. The full extent of these outages will be clarified shortly
as will the potential impact on operations.
Capital Expenditure
The front end of the plant, which includes the new mine tip, jaw crusher and
coarse ore stockpile, is planned for completion during the quarter ending 31
December 2009. This will ensure a more consistent feed to the mills. The
mobilisation of the main contractor for the sulphuric acid plant completion has
been deferred to complete detailed planning. In the interim some outstanding
civil and earthworks will be advanced. A fully operational sulphuric acid plant
will reduce operational risk and reduce the costs of importing sulphuric acid
from the Zambian copperbelt.
Johannesburg
31 July 2009
For further enquiries please contact:
Metorex CEO, Terence Goodlace Tel: 011 880 3155
CFO, Maritz Smith
College Hill Jacques de Bie/Hayley Crane Tel: 011 447 3030
Sponsor
Barnard Jacobs Mellet Corporate Finance (Pty) Limited
Date: 31/07/2009 10:53:01 Produced by the JSE SENS Department.
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