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MTX
MEMTX
MTX - Metorex - Ruashi Mine in the DRC resumes full production
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")
RUASHI MINE IN THE DRC RESUMES FULL PRODUCTION
Ruashi Mine
On 15 November 2010 it was announced that following record production of copper
in the September 2010 quarter when Ruashi produced 8,566 tons of copper and
1,057 tons of cobalt, production in the December 2010 quarter had been affected
by recurring transformer electrical faults. Ruashi Mine immediately instituted
remedial action and is pleased to report that both circuits are now operating at
design capacity and the mine has returned to full production after a period of
five weeks.
The circuit is made up of two transformer units and during the affected
production period one transformer circuit continued to run normally while the
other was taken offline. The Ruashi tank house thus operated at a throughput
rate of 50 percent. Copper production for the December 2010 quarter is now
estimated to be 20 percent lower than the September 2010 quarter and cobalt
production 16 percent lower than the September 2010 quarter.
The failed transformer was fully repaired on site and has been mechanically
upgraded to reduce the probability of further failure and enable stability of
function until the arrival of two more robust transformer units. The first of
these has already arrived on site while the second will be delivered to Ruashi
by the end of the first quarter of 2011. Mitigating actions and plans to
counter the incoming power issues have been implemented, and although this
aspect will always pose a production risk, Ruashi Mine management is confident
that the probability of future major production outages has been reduced.
The information contained in this announcement has not been reviewed or reported
on by Metorex`s auditors.
Johannesburg
1 December 2010
For further enquiries please contact:
Metorex CEO, Terence Goodlace Tel: 011 215 4000
CFO, Maritz Smith
College Hill Jacques de Bie Tel: 011 447 3030
Sponsor: Barnard Jacobs Mellet Corporate Finance (Pty) Limited
Date: 01/12/2010 08:25:01 Produced by the JSE SENS Department.
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