| Thu 4 Nov 2010, 13:45 | | MML - Metmar - Unaudited interim financial results for the six months ended 31 |
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MML
MML
MML - Metmar - Unaudited interim financial results for the six months ended 31
August 2010
METMAR LIMITED
Incorporated in the Republic of South Africa
Registration Number 1998/007269/06
Share Code: MML ISIN Code: ZAE000078747
("Metmar" or "the Group")
Unaudited interim financial results for the six months ended 31 August 2010
Highlights compared to 31 August 2009:
Revenue up by 40% to R1 163.7 million
Headline earnings per share up by 41% to 12.1 cents
Metmar acquired interests in chrome and vanadium businesses and increased
interests in coke investments.
Condensed consolidated group statements of comprehensive income
Unaudited Unaudited Audited
six months six months year
to to to
31 August 31 August 28 February
Figures in R`000 Notes 2010 2009 2010
CONTINUING OPERATIONS
Revenue 1 163 752 829 735 1 684 610
Cost of sales (1 074 068) (760 309) (1 539 717)
Gross profit 89 684 69 426 144 893
Other income 2 17 572 169 602 174 450
Operating expenses (64 521) (45 813) (98 035)
Operating profit 42 735 193 215 221 308
Finance income 6 593 15 109 36 864
Finance costs (13 535) (15 642) (35 351)
Profit before 35 793 192 682 222 821
taxation
Taxation (10 816) (36 936) (48 416)
Profit from 24 977 155 746 174 405
continuing operations
DISCONTINUED
OPERATIONS
Loss before taxation - (14 814) (12 185)
Taxation - 2 770 106
Loss from - (12 044) (12 079)
discontinued
operations
TOTAL
Profit before 35 793 177 868 210 636
taxation
Taxation (10 816) (34 166) (48 310)
Profit for the period 24 977 143 702 162 326
Other comprehensive 76 - 1 005
income:
Movement in foreign 76 - 1 005
currency reserves
Total comprehensive 25 053 143 702 163 331
income for the period
Profit attributable
to:
Owners of the parent 24 309 143 200 161 886
Non-controlling 668 502 440
interests
24 977 143 702 162 326
Total comprehensive
income attributable
to:
Owners of the parent 24 385 143 200 162 891
Non-controlling 668 502 440
interests
25 053 143 702 163 331
Earnings per share
Basic and diluted 12.0 72.6 81.1
(cents)
Condensed consolidated statements of financial position
Unaudited Unaudited Audited
at at at
31 August 31 August 28 February
Figures in R`000 Notes 2010 2009 2010
ASSETS
Non-current
Property, plant and 99 444 46 868 63 926
equipment
Goodwill and other 69 135 64 365 64 872
intangible assets
Investment in 87 200 - 80 000
associates
Other long-term 4 272 499 206 009 114 607
financial assets
Non-current assets 528 278 317 242 323 405
Current
Inventories 296 193 179 616 226 298
Other short-term 4 27 143 11 501 26 834
financial assets
Current tax - - 13 857
receivable
Trade and other 396 349 338 112 399 685
receivables
Cash and cash 51 788 105 302 97 946
equivalents
Non-current asset 234 556 - -
classified as held
for sale
771 473 634 531 764 620
Total assets 1 534 307 951 773 1 088 025
EQUITY AND
LIABILITIES
Capital and reserves 460 185 469 495 487 172
Non-current
Borrowings 8 094 2 804 7 884
Other liabilities 2 613 - 7 613
Deferred tax 12 607 3 214 13 875
liabilities
Non-current 23 314 6 018 29 372
liabilities
Current
Trade and other 5 1 045 239 439 337 571 481
payables
Current tax 5 569 36 923 -
liabilities
Current liabilities 1 050 808 476 260 571 481
Total liabilities 1 074 122 482 278 600 853
Total equity and 1 534 307 951 773 1 088 025
liabilities
Net asset value per 227.68 232.28 241.03
share (cents)
Net tangible asset 193.47 200.44 208.93
value per share
(cents)
Number of shares in 202 122 157 202 122 202 122 157
issue 157
Condensed consolidated group statements of cash flows
Unaudited Unaudited Audited
six months six months year
to to to
31 August 31 August 28 February
Figures in R`000 2010 2009 2010
Net cash generated
from/(utilised in)
operating activities
Cash generated from 218 496 2 642 46 201
operations
Finance income 6 593 15 109 36 864
Finance costs (13 535) (15 642) (35 351)
Taxation received/(paid) 7 343 (17 984) (69 194)
Net cash generated 218 897 (15 875) (21 480)
from/(utilised in)
operating activities
Net cash (utilised
in)/generated from
investing activities
Net expenditure on (37 120) (20 670) (27 898)
property, plant and
equipment
Proceeds from disposal of - 248 215 150 941
associate
Purchase of shares in (14 412) - (80 000)
subsidiaries and associate
Net movement in financial (158 201) (149 608) 24 714
assets
Net cash (utilised (209 733) 77 937 67 757
in)/generated from
investing activities
Net cash utilised in
financing activities
Proceeds from share issue - 25 000 25 000
Net movement in financial (5 000) - -
liabilities
Net movement in borrowings 209 206 8 635
Distributions to (50 531) (60 637) (60 637)
shareholders
Net cash utilised in (55 322) (35 431) (27 002)
financing activities
Total cash movement for (46 158) 26 631 19 275
the period
Cash at the beginning of 97 946 78 671 78 671
the period
Cash and cash equivalents 51 788 105 302 97 946
at the end of the period
Condensed consolidated statement of changes in group equity
Share Trans- Re- Non-Con- Total
Capital lation tained trolling
Figures in and
R`000 premium reserve earnings interests equity
Balance at 19 162 - 340 001 2 267 361 430
1 March 2009
Issue of shares 25 000 - - - 25 000
Total - - 143 200 502 143 702
comprehensive
income for the
period
Distribution to (60 637) - - - (60 637)
shareholders
Balance at 31 (16 475) - 483 201 2 769 469 495
August 2009
Loss at - - - (1 952) (1 952)
acquisition of
subsidiary
Total - 1 005 18 686 (62) 19 629
comprehensive
income for the
period
Distribution to - - - - -
shareholders
Balance at 28 (16 475) 1 005 501 887 755 487 172
February 2010
Loss at - - (1 509) (1 509)
acquisition of
subsidiaries
Total - 76 24 309 668 25 053
comprehensive
income for the
period
Distribution to (50 531) - - - (50 531)
shareholders
Balance at 31 (67 006) 1 081 526 196 (86) 460 185
August 2010
NOTES TO THE UNAUDITED INTERIM FINANCIAL STATEMENTS
1. Basis of preparation
The unaudited consolidated interim financial results have been
prepared in accordance with, and containing the information
required by IAS 34 Interim Financial Reporting, International
Financial Reporting Standards ("IFRS"),the AC 500 standards as
issued by the Accounting Practices Board or its successor, the
South African Companies Act, as amended, and the JSE Listings
Requirements. The principal accounting policies used in the
preparation of the financial results for the period ended 31
August 2010 are consistent with those applied for the year ended
28 February 2010.
2. Other income Unaudited Unaudited Audited
six months six months year
Includes to to to
31 August 31 August 28 February
Figures in R`000 2010 2009 2010
Gain on disposal of - 153 911 153 911
associate
Profit on foreign 11 598 3 400 4 691
exchange differences
Commission received on 1 545 8 079 11 579
rubber consignment
stock
Other 4 429 4 212 4 269
17 572 169 602 174 450
3. Reconciliation of
headline earnings
Profit for the period 24 309 143 200 161 886
Adjustments for:
- loss/(gain) on 13 (11) (18)
disposal of property,
plant and equipment
- (gain) on disposal of - (126 238) (126 274)
associate net of
taxation
- fair value 217 - (1 966)
adjustments
Headline earnings 24 539 16 951 33 628
Headline earnings per 12.1 8.6 16.9
share (cents)
Weighted average number 202 122 157 197 159 257 199 620 311
of shares in issue*
*Weighted average number of shares is equal to the number of
shares in issue at 31 August 2010.
4. Other financial assets
Includes:
Figures in R`000
Other long-term
financial assets
Kalahari Resources 20 000 20 000 20 000
(Proprietary) Limited
Kivu Resources Limited 11 634 - 10 071
SA Metals Equity 8 000 6 000 8 000
(Proprietary) Limited
Deferred payment 76 495 100 009 76 536
consideration PGR17
Investments
(Proprietary) Limited
("PGR17")
Zimbabwe Alloys Chrome 156 370 - -
(Private) Limited
Pering Base Metals - 80 000 -
(Proprietary) Limited
272 499 206 009 114 607
Other short-term
financial assets
Deferred payment - - 26 834
consideration PGR17
Kivu Resources Limited - 8 589 -
Other 27 143 2 912 -
27 143 11 501 26 834
5. Trade and other
payables
Includes:
Figures in R`000
Trade and other (490 276) (303 333) (371 114)
payables
Trade finance (237 844) (106 836) (172 745)
facilities
Deferred purchase (6 065) (29 168) (27 622)
consideration - WAG
division
Zimbabwe Alloys Limited (311 054) - -
(1 045 239) (439 337) (571 481)
6. Cash and cash equivalents
Cash and cash equivalents comprise cash balances with banks,
less bank overdrafts. Trade finance facilities are accounted for
separately.
7. Related party transactions
During the period the Company and its subsidiaries in the
ordinary course of business, entered into various transactions
with their associates. These transactions were subject to terms
that are no less favourable than those arranged with third
parties.
8. Segment report
In identifying its operating segments, management generally
follows the procedure of distinguishing investment in resource-
based operations from the trading activities of the Group. The
Group has accordingly used the following factors to identify
reportable segments:
- distinction between the investment and trading activities of
the Group;
- investments segment includes investment in equity, property,
plant and equipment
- trading segment includes the results of trading activities of
the Group.
Figures in R`000
Trading activities
Segment revenues 1 163 752 829 735 1 684 610
Net finance (6 942) (533) 1 513
(cost)/income
Depreciation and (3 224) (3 061) (5 979)
amortisation of non-
financial assets
1 153 586 826 141 1 680 144
TOTAL
Segment revenues 1 163 752 829 735 1 684 610
Net finance (6 942) (533) 1 513
(cost)/income
Depreciation and (3 224) (3 061) (5 979)
amortisation of non-
financial assets
1 153 586 826 141 1 680 144
Total segment assets
Trading activities 1 336 060 745 764 881 656
Investment activities 203 329 206 009 206 369
1 539 389 951 773 1 088 025
Segment liabilities
Trading activities 1 079 204 482 278 600 853
1 079 204 482 278 600 853
The totals presented for the Group`s operating segments
reconcile to the entity`s key financial results as presented:
Trading activities
Segment revenues
Total segment revenue 1 163 752 829 735 1 684 610
Other income 17 572 15 691 20 539
Group revenues 1 181 324 845 426 1 705 149
Investment activities
Other income - 153 911 153 911
TOTAL
Segment revenues
Total segment revenue 1 163 752 829 735 1 684 610
Other income 17 572 169 602 174 450
Group revenues 1 181 324 999 337 1 859 060
Trading activities -
segment profit or loss
Segment operating 42 735 39 304 67 397
profit
42 735 39 304 67 397
Net finance (6 942) (533) 1 513
(cost)/income
Total profit before 35 793 38 771 68 910
taxation
Segment profit or loss
Investment activities
Segment operating
profit
Other income - 153 911 153 911
Total profit before - 153 911 153 911
taxation
Segment profit or loss
TOTAL
Segment operating 42 735 39 304 67 397
profit
Other income - 153 911 153 911
42 735 193 215 221 308
Net finance (6 942) (533) 1 513
(cost)/income
Total profit before 35 793 192 682 222 821
taxation
9. Corporate governance
The Metmar Group complies with the Code of Good Corporate
Practice and Conduct published in the King II report on
Corporate Governance.
10 Post-balance sheet events
.
No material events have occurred between the balance sheet date
and the date of these unaudited interim financial results that
would have a material effect on the financial statements of the
Metmar Group.
COMMENTARY ON INTERIM RESULTS
PROFILE AND STRUCTURE
Metmar is an established commodities trader and logistics facilitator that is
building a vertically integrated business with investments in production assets.
Metmar Group`s core activity is the physical trading of commodities. As Metmar
places a significant priority on the elimination of risk, speculative trading
does not form part of Metmar`s operating objective. The focus of the Group is
the generation of revenues related to the mining, production and trading of
ores, alloys, metals, plastics and rubber and chemicals. Metmar`s activities
are underpinned by strong and long standing partnerships with financial
institutions, producers, industrial consumers, customers and logistical service
providers. Financially the Metmar Group has benefited from a conservatively
managed balance sheet and the ability to identify and manage key business risks.
During its 25 year history, Metmar Trading (Proprietary) Limited ("Metmar
Trading") has shown extensive growth and value creation for all stakeholders.
FINANCIAL PERFORMANCE
Metmar has achieved satisfactory results for the six months ended 31 August 2010
against the backdrop of extended recessionary conditions and the strong
performance of the South African Rand.
Headline earnings per share increased by 41% to 12.1 cents per share with
revenue growth of 40% compared to the corresponding period of 2009. While the
Group`s gross margin percentage has dropped marginally from 8.4% to 7.7%, gross
profit exceeded the R69.4 million reported in the previous comparative period by
R20.3 million.
The decrease in attributable earnings of R118.9 million from R143.2 million to
R24.3 million is mainly due to the profit on the disposal of PGR17 Investments
(Proprietary) Limited ("the Disposal"), which was included in attributable
earnings for the six months ended 31 August 2009, but excluded from headline
earnings during that period. Shareholders of Metmar ("Shareholders")are
referred to the announcement published on SENS on 22 September 2010 wherein
Shareholders were advised that as Ruukki South Africa (Proprietary) Limited were
not fulfilling all their obligations in terms of the loan agreement entered into
on 25 May 2009, Metmar together with most of the other Mogale Alloys
(Proprietary) Limited vendors, initiated legal action to recover the payments
due to them, Metmar`s share thereof being approximately R92 million inclusive of
interest to September 2010. Shareholders were further advised that the final
consideration of the Disposal, the details of which were set out in the circular
to Shareholders dated 17 August 2009 may be postponed or delayed. At the time
of this report, there has been no outcome to the legal action referred to.
The cash and cash equivalents decreased by R46.1 million for the six month
period to R51.8 million at the end of the period after taking into account the
distribution to Shareholders of R50.5 million.
CORPORATE ACTIVITY
Zimbabwe Alloys Chrome (Private) Limited
On 24 March 2010 Metmar Africa Limited ("Metmar Africa"), in which Metmar has a
25% interest, entered into an agreement with Zimbabwe Alloys Limited("ZAL") to
acquire 40% of the issued share capital of Zimbabwe Alloys Chrome (Private)
Limited ("ZAC") for a total purchase consideration of USD51.3 million. Metmar`s
investment in Metmar Africa is held by a wholly owned subsidiary Metmar
Mauritius Limited ("Metmar Mauritius"). The anticipated cost of the investment,
which will be retained of R156.4 million has been included in other long term
assets. The portion which will be sold of R234,6 million has been included in
non-current asset classified as held for sale. The total amount owing of R311.1
million has been shown in current liabilities.
The shareholders of Metmar Africa have access to capital and the expertise to
effectively and efficiently design, construct, refurbish, operate and manage the
logistics and operations of ZAC. Metmar Mauritius controls the sales and
marketing of certain materials produced by ZAC. ZAC is a mining and production
company whose business includes, inter alia, the mining of contained chromite,
the processing thereof into concentrates and alloy and the sale of the resultant
material.
The first phase covering refurbishment of the metal recovery plant and washing
plants has commenced to start generating cash at ZAC. Metmar Africa will
provide the capital necessary to either refurbish the current AC furnaces or to
build a new DC furnace. This decision is based on the findings of the Competent
Persons Report ("CPR").
The initial payment of USD10 million was made in March 2010 with USD6.3 million
payable by Metmar Africa to ZAL as and when required for the purposes of
disbursing the costs of refurbishing the washing plants on the washing plant
premises and the metal recovery plant situated on the immovable property.
The second phase involving the CPR will be finalised by the end of November
2010. An amount of USD5 million is payable on the CPR being approved and a
further USD15 million against the transfer of selected claims to ZAC. The
balance of USD15 million is payable six months after the CPR approval date.
USD30 million is in respect of the anticipated value of the claims and mining
rights in respect of contained chromite (Cr2O3) ("the Claims") and is contingent
on the CPR proving that the Claims comprise a minimum of 30 million tons of
contained chromite, measured, indicated and economically viable.
The payment is subject to downward adjustment by USD1 for every ton that the
Claims as proven by the CPR fall short of the anticipated 30 million tons. The
shareholders of Metmar Africa are in the process of obtaining funding in respect
of the USD30 million referred to.
Eastern Belt Chrome Mines (Proprietary) Limited
In May 2010 Metmar entered into an agreement with Eastern Belt Chrome Mines
(Proprietary) Limited ("EBCM") wherein Metmar acquired 20% of EBCM. EBCM in
turn acquired 51% each in Steelpoort Chrome Mines (Proprietary) Limited ("SCM")
and Bolepu Holdings (Proprietary) Limited ("Bolepu"). Bolepu owns 40% of
Sefateng Chrome (Proprietary) Limited ("Sefateng"). The total investment in EBCM
is R56 million, Metmar`s share being R11.2 million. The first payment of R7.2
million has been made by Metmar. The second payment of R4 million is subject to
downward adjustment in terms of certain provisions, which have not yet been met.
Metmar Trading acquired the offtake of 200 000 metric tons of ROM Chrome from
the mining operations at Zwartkoppies via the EBCM shareholding in Sefateng.
Sefateng has started supplying 20 000 metric tons of chrome ore lumpy and chrome
concentrate per month to Metmar Trading.
Metmar Trading also acquired the entire offtake of all chrome ore from the
mining operations at Goudmyn via the EMCM shareholding in SCM. Goudmyn is to
supply 20 000 metric tons of chrome ore lumpy and chrome concentrate per month
to Metmar Trading.
Newshelf 1054 (Proprietary) Limited
In June 2010 Metmar entered into an agreement with Altivex 285 (Proprietary)
Limited ("Altivex") and Newshelf 1054 (Proprietary) Limited ("Newshelf") to
acquire, on a going concern basis, approximately 50 000 metric tons of bulk
ferrovanadium slag located as a dump on the Altivex property, as well as
specified movable property valued at R40 million. Metmar subscribed for 40% of
the shareholding in Newshelf, the vehicle for the transaction. In the event of
the slag being less than
45 000 metric tons in quantity, then the purchase price will be reduced by an
amount equal to the percentage of the shortfall.
Metmar advanced the purchase price of R40 million to Newshelf utilising trade
finance facilities. In addition Metmar has advanced R2 million to provide
Newshelf with initial working capital, which has been credited to a variable
interest bearing loan account in Newshelf.
Metmar has been appointed as the exclusive agent for all products produced by
Newshelf and will receive a 5% commission from Newshelf net of the selling price
of the materials that it sells. The variable and fixed loan accounts will be
repaid from the sale of the materials produced by Newshelf.
OPERATIONAL PERFORMANCE AND PROSPECTS
The general trading activities improved during this period with more than 300
000 tons of material traded at higher prices. The features of the operational
activities for the period are summarised as follows:
* WAG division, distributors of polymers, natural rubber and rubber chemicals
continues to operate well ahead of the target levels in terms of the purchase
price earn out formula, the final year of the earn out being 28 February 2011.
WAG division is ranked amongst the top five suppliers of polymer raw materials
in South Africa with a distribution volume in excess of 50 000 tons per annum.
WAG division has four warehouses located in the major cities of Southern Africa.
Product diversification has protected the division from slower demand in the
market.
The SNF plastics division is performing well and comfortably ahead of budget for
the first six months of the financial year. This improvement is partly
attributable to a positive turnaround of the debtor`s book compared to the
previous comparative period.
Tufflex Plastic Products (Proprietary) Limited ("Tufflex") have produced sound
results with a greater acceptance of the finished goods range produced from
recycled polymers. Plastic wood decks and pallets have been particularly well
received in the market.
Tufflex was recently awarded the Gold award by Sapro Enviromark Recycled
Plastics for the production of narrow gauge rail sleepers making use of very low
grade plastics material which would not easily be sold into other applications.
* Metmar Industrial (Proprietary) Limited is active both locally and in
Zimbabwe, participating in projects involving the recovery of slurry coal, the
recycling of waste, and the re-screening of coke stockpiles into various sizes
at ZISCO in Zimbabwe. Screened coke is sold to various end users in the ferrous
and sintering sector. Long-term contracts have been secured with large
consumers of coke. Zimbabwean coke has higher phosphorus and sulphur levels
than South African coke and therefore is more suitable for manganese alloy
production than chrome alloy production. Metmar increased its shareholding in
the company by 20% to 80% at a cost of
R5.5 million on 24 August 2010.
* Gubha Resources(Proprietary) Limited, the coke screening operation at Hwange
Colliery in Zimbabwe is progressing steadily. Its activities have been expanded
to include the screening of Hwange coal. Metmar increased its shareholding in
the company by 20% to 80% at a cost of
R1.7 million on 24 August 2010.
* Exploration at the KIVU Resources Limited project in Rwanda continues to
progress steadily. KIVU focuses on the exploration and mining principally in
tin, tantalum, with niobium and tungsten being secondary commodities. The assets
are located in both Rwanda and eastern Democratic Republic of Congo ("DRC").
Due to political instability in the DRC, operations are not currently running.
Mining will commence when the political climate improves. Metmar has an
exclusive marketing agreement for the current and future production of the
operation. Metmar recently followed its rights in a rights offer, increasing
its shareholding from 6.9% to 9.1% at a cost of R0.7 million. KIVU owns close
to 80% of a Gatumba Joint Venture with the Rwandan Government owning the
balance. Exploration has been focussed on the major deposits in Kirengo,
Gatumba South and Rukaragata. Exploration results exceeded KIVU`s expectations
and confirm the existence of significant, large scale economic deposits on the
Rwandan concessions.
* Metmar directly and indirectly owns 11.66% of Kalahari Resources(Proprietary)
Limited, which owns 40% of Kalagadi Manganese(Proprietary) Limited ("Kalagadi
Manganese") is in the process of developing a manganese operation encompassing
an underground manganese mine which will produce 3 million tons of ROM ore per
annum. Ore will be beneficiated at the mine to produce 2.4 million tons of
sinter per annum. A smelter will be built at Coega to produce 320 000 tons of
HCFeMn per annum. The smelter will consume 700 000 tons of sinter leaving 1.7
million tons for export. The mine and the sinter plant are anticipated to be
completed by 2012.
* Metmar owns 20% of Pering Base Metals (Proprietary) Limited ("PBM"), which
company in turn owns 100% of Pering Mine (Proprietary) Limited ("Pering Mine").
PBM currently has significant black ownership of 50%. PBM`s flag ship asset is
the Pering zinc and lead mine, previously owned and operated by BHP Billiton.
Pering Mine holds a combined in-pit and stockpiled reserve of 51 million tons,
from which PBM plan to produce 1.2 billion pounds of zinc and lead over a 13
year life-of-mine. PBM`s strategy is to bring Pering Mine into production
within two years and to seek growth through a targeted consolidation of quality
zinc assets. The process of raising equity and bank funding has commenced for
the funds required for re-commissioning of the Pering Mine. The pits will be de-
watered by third quarter 2014, construction and hot commissioning will be
completed by fourth quarter of 2013 and a steady state of production is planned
for the second quarter of 2013.
* Metmar owns 20% share of SA Metals Equity (Proprietary) Limited, whose
objective is to build a plant to extract pig iron from calcine. The pre-
feasibility study showed excellent returns and the final bankable feasibility
and engineering studies and environmental impact assessment are in progress.
Construction is planned in 2011 and production is planned to commence early in
2013, when Metmar will have the marketing rights each year of 500 000 metric
tons of pig iron, 1 500 metric tons of vanadium and 600 000 metric tons of slag,
with an additional income stream from steam that is produced by this plant.
DISTRIBUTION TO SHAREHOLDERS
A distribution of 25.0 cents per ordinary share was made in June 2010 in respect
of the Group`s 2010 financial year.
At the conclusion of the 2011 financial year a dividend for that year will be
considered.
PROSPECTS
The world economies in general seem to be showing an improving trend with China
in particular performing well. There are still questions centred around certain
economies and the sustainability of their recovery but the overall picture is
that economies have stabilised and appear to have moved to a higher level. Some
questions and concerns remain around actual consumption of various raw materials
versus the quantities being traded in various markets.
The strengthening Rand has adversely impacted on the returns of Rand based
production units. While Metmar is effected due to its bias towards the dollar,
our policy of hedging currency risks and the fact that we purchase and sell on a
dollar basis, has provided protection to a certain degree. To a limited extent,
the strength of the Rand has been offset by higher dollar based commodity prices
following the weakness of the dollar.
Metmar has invested in some exciting new projects which should add value in the
medium term.
These improved trading conditions are anticipated to continue for the rest of
the year. In addition, some projects will start generating volumes in the next
six months.
C B Brayshaw D J Ellwood
Non-Executive Chairman Chief Executive Officer
4 November 2010
Directors: CB Brayshaw* (Chairman),
DJ Ellwood (Chief Executive Officer), PP Boshoff,
MF de Wet, GR Forsdyke, GP Lotis, D Mashile-Nkosi*,
L Matteucci*, AP Ruiters*
*Non-executive
Company secretary: MRD Boyns (British)
Registered office: 24 Sloane Street, Bryanston, 2191.
(PO Box 98549, Sloane Park, 2152).
Transfer Secretaries: Computershare Investor Services (Pty) Limited. (PO Box
61051, Marshalltown, 2107)
Sponsor: Barnard Jacobs Mellet Corporate Finance (Pty) Limited. Auditors:
Grant Thornton
These results may be viewed on the internet on www.metmar.com
Date: 04/11/2010 13:45:01 Produced by the JSE SENS Department.
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