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2001
Metorex Limited
Registration number 1934/005478/06
Share code MTX ISIN ZAE000022745
Incorporated in the Republic of South Africa
Listed on the JSE Securities Exchange South Africa and London Stock
Exchange
www.metorexgroup.com
* Diversified commodity portfolio protects earnings
* Revenues assisted by weak Rand
* O'Okiep Slag Plant construction progressing well
* Wakefield/Umnotho enter into Empowerment Agreement
* Wakefield acquires Middleburg Townlands Coal resource
* Chibuluma opencast operations suspended.
Results of operations for the quarter ended 30 September 2001
Consolidated Income Statement
Quarter Quarter
ended ended
30 September 30 June
2001 2001
(Unaudited) (Unaudited)
R000 R000
Revenue - Mineral sales
- copper 69 322 65 372
- zinc 21 016 21 200
- coal 33 977 33 219
- fluorspar 22 118 20 812
- gold 20 282 18 840
- antimony 5 336 7 222
- cobalt 4 000 4 993
- other 1 376 1 413
Gross revenue 177 427 173 071
Realisation costs 42 355 37 738
On-mine revenue 135 072 135 333
Cost of production 125 518 115 293
Depreciation 4 652 3 994
Amortisation of mining rights 2 836 2 849
Mining profit 2 066 13 197
Other income/(expense) 3 965 3 648
Amortisation of goodwill 576 (298)
Income before finance costs 5 455 17 143
Net interest income 675 533
Income before exceptional items 6 130 17 676
Exceptional items - 87
Income before taxation 6 130 17 763
Taxation (714) (35)
Income after taxation 6 844 17 798
Income attributable to
outside shareholders 1 132 (602)
Net income 5 712 18 400
Shares in issue 120 805 120 730
Earnings per share (cents) 4,73 15,24
Headline earnings per share (cents) 5,21 14,99
Cash earnings per share (cents) 11,40 20,66
Dividend per share (cents) 12,00 -
Notes
* Taxation includes a deferred tax release of R2,778 million.
* A dividend of 12 cents per share was paid on 1 October 2001.
Notes
1. Commodity sales volumes were generally higher than the previous quarter.
2. The diversified nature of the group's commodity portfolio and the
weakness of the Rand/ US Dollar exchange rate enabled the group to increase
revenue from mineral sales.
3. Realisation charges and the cost of production increased due to the US
Dollar denominated treatment charges and the effect of salary increases.
4. Construction of the Slag Re-treatment Plant at O'Okiep is progressing on
schedule, with commissioning planned in March 2002. This project should
extend the life of O'Okiep by approximately eight years.
5. Wakefield, which holds the group's coal interests, has entered into a
shareholders agreement with Umnotho weSizwe and have jointly secured the
rights to the coal reserve adjacent to Leeufontein Colliery and a coal
reserve from the Middleburg Town Council.
6. The depressed copper price and high Dollar operating costs in Zambia
resulted in Metorex taking early action by placing the Chibuluma South
Opencast operation and plant on "care and maintenance" pending an
improvement in the copper price. The Board of Directors of Metorex and
Chibuluma considered that continued operation of this project at present
copper prices would lead to the erosion of shareholders value which prompted
this action. An evaluation of earlier access to the sulphide resource is
being undertaken together with the consideration of various other short term
alternatives for the project.
By order of the board
14 November 2001
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