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MTX
MEMTX
MTX - Metorex Limited - Trading Statement in respect of the twelve months ended
30 June 2010
Metorex Limited
(Incorporated in the Republic of South Africa)
(Registration number 1934/005478/06)
JSE code: MTX
ISIN: ZAE000022745
("Metorex" or "the Company")
Trading Statement in respect of the twelve months ended 30 June 2010
Shareholders are referred to the announcement dated Friday, 4 June 2010 and
reminded of Metorex`s change in year-end from June to December. As further
announced on Friday, 23 July 2010, the Company intends to release its second
reviewed interim report for the 12 months ended 30 June 2010 on Tuesday, 7
September 2010.
Management`s expectation for the Company`s earnings for the twelve months ended
30 June 2010 ("2010") compared with earnings for the prior twelve months ended
30 June 2009 ("2009") are set out below:
* Basic earnings are expected to be between 70 cents per share ("cps")
and 75 cps (2009: loss of 272 cps).
* Adjusted headline earnings are expected to be between 23 cps and 25
cps (2009: loss of 9 cps).
* Headline earnings are expected to be between 22 cps and 26 cps (2009:
24 cps).
* Weighted average number of shares in issue during the twelve month
period increased to 802 million (2009: 553 million).
The 2010 earnings include a hedge loss before taxation of R400 million (26 cps)
related to the Ruashi project finance hedges which were priced at US$3,900 per
ton. Management is pleased to report that these hedges expired on 30 June 2010.
Adjusted headline earnings exclude non-recurring items. Therefore, the 2010 and
2009 attributable earnings from Pan African Resources Plc (now sold), Vergenoeg
Mining Company (Pty) Limited (now sold) and losses incurred at Consolidated
Murchison (held for sale) are excluded. The 2009 adjusted headline earnings
exclude the exceptional accounting profit of 21 cps which arose when the Ruashi
hedge book was restructured during December 2008.
The financial information contained in this announcement has not been reviewed
or reported on by the Company`s auditors.
Rosebank
12 August 2010
Metorex CEO, Terence Goodlace Tel: 011 880 3155
CFO, Maritz Smith
Sponsor:
Barnard Jacobs Mellet Corporate Finance (Pty) Limited
Public relations adviser:
College Hill
011 447 3030
Date: 12/08/2010 12:00:03 Produced by the JSE SENS Department.
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