|
MTX
MEMTX
MTX - Metorex Limited - Consolidated Murchison update
METOREX LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1934/005478/06)
Share code: MTX
ISIN: ZAE000022745
Issuer code: MEMTX
("Metorex" or "the Company")
Consolidated Murchison update
Metorex, a focused base metals mining group listed on the JSE Limited, wishes to
inform shareholders and update the market on the situation at Consolidated
Murchison, a division of Metorex.
Since 3 December 2008, Metorex has been conducting a formal section 189 process
with organised labour representatives at Consolidated Murchison regarding the
precarious financial position of this division. The Consolidated Murchison mine
has been in a loss making position since July 2008 and remains loss making
despite a "turn-around" plan implemented in April 2009 this year. Metorex has
funded losses at the mine since June 2008.
On 3 March 2009 Metorex reported that the mine is faced with serious problems
due to market conditions and that the mine could be scaled down and prepared for
care and maintenance or disposal. It was further reported by the Company on 9
September 2009 that "while Metorex is doing everything in its ability to limit
losses at the mine, the operation remains under a cloud of possible closure or
disposal."
Feasibility studies and evaluations carried out as part of the "turn around"
plan suggest that the mine may become a viable and sustainable operation
following substantial recapitalisation and investment. As the mine is not
considered to be a core asset to Metorex, discussions continue to take place
with interested parties in an effort to save the mine, associated jobs and the
affected communities.
Metorex will inform shareholders and the market of the outcome of such
discussions.
Johannesburg
19 November 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: 19/11/2009 15:43:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
