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Metorex Limited
Registration number 1934/005478/06
Incorporated in the Republic of South Africa
Listed on the JSE Securities Exchange South Africa and
the London Stock Exchange
www.metorexgroup.com
* Earnings increase 2,5%
* Chibuluma South capital project complete
* Beta shaft operational
* O'okiep operations extended
Report of the directors for the quarter ended 31 March 2001
Presentation in terms of Presentation in terms of
International Accounting Standards Appropriation Accounting
Quarter Quarter Quarter Quarter
ended ended ended ended
31 March 31 December 31 March 31 December
2001 2000 2001 2000
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
R000 R000 R000 R000
Revenue - Mineral sales
97 984 71 589 - copper 97 984 71 589
24 978 25 301 - zinc 24 978 25 301
28 649 29 569 - coal 28 649 29 569
22 612 11 962 - fluorspar 22 612 11 962
18 417 17 591 - gold 18 417 17 591
8 492 8 070 - antimony 8 492 8 070
5 956 5 365 - cobalt 5 956 5 365
765 296 - manganese 765 296
488 935 - other 488 935
208 341 170 678 Total revenue 208 341 170 678
44 534 44 354 Realisation costs 44 534 44 354
163 807 126 324 On-mine revenue 163 807 126 324
114 633 108 097 Operating costs 114 633 107 711
14 410 (17 915) Stock movement 14 623 (17 529)
3 562 3 993 Depreciation - -
3 222 3 222 Amortisation of mining rights - -
27 980 28 927 Mining profit 34 551 36 142
143 (631) Net interest income/(exp) 143 (631)
2 606 3 451 Other income/(exp) 2 606 3 451
30 729 31 747 Income before abnormal items 37 300 38 962
165 93 Amortisation of goodwill - -
30 564 31 654 Income before taxation 37 300 38 962
7 853 9 722 Taxation 8 587 9 899
22 711 21 932 Income after taxation 28 713 29 063
1 267 1 017 Attributable to
outside shareholders 1 784 1 627
21 444 20 915 Attributable to
ordinary shareholders 26 929 27 436
- 12 048 Ordinary dividend - 12 048
21 444 8 867 Retained income for the period 26 929 15 388
120 533 120 483 Shares in issue ('000) 120 533 120 483
17,79 17,36 Earnings per share (cents) 22,34 22,77
17,93 17,43 Headline earnings
per share (cents) 22,34 22,77
- 10,0 Dividend per share (cents) - 10,0
Notes:
1. The Chibuluma South capital development project is complete with production
build up commencing from April 2001. Tolling and off-take arrangements are
being finalised.
2. The re-opening of the Beta Shaft at Consolidated Murchison mine, is complete
and production commenced during April 2001.
3. The plant upgrade at Vergenoeg mine is continuing with improvements in
recoveries and the quality of product becoming evident.
4. The increase in revenue from mineral sales is largely due to higher copper
and fluorspar sales volumes. Whilst antimony sales volumes increased, the
international price declined resulting in similar quarter on quarter revenue.
5. The international sentiment on the potential for an economic slowdown has
affected most of the international, commodity prices. Continued weaker
commodity prices could affect the Group's earnings.
6. Operating costs were well controlled. The stock movement is attributed to
draw-down in stocks for both copper and fluorspar.
7. Capital expenditure of R37,4 million was incurred during the quarter. This
expenditure was incurred on the Chibuluma South Project, the re-opening of the
Beta Shaft at Consolidated Murchison and plant improvements at Vergenoeg and
Wakefield.
8. The O'okiep Smelter Dump retreatment project has been initiated which will
extend copper production from O'okiep for approximately eight years. The
capital cost of R50 million will be internally funded.
By order of the board
9 May 2001
Secretaries Registered office Transfer secretaries
Meyer Wilson Marsh Inc 2nd Floor, Cradock Heights Mercantile Registrars
7 West Street 21 Cradock Avenue Limited
Houghton Rosebank 11 Diagonal Street
2198 2146 Johannesburg
2001
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