(Incorporated in the Republic of South Africa)
(Registration number 1934/005478/06)
Share code: MTX
ISIN code: ZAE000022745
("Metorex")
CHANGES IN DIRECTORATE
The directors of Metorex advise that PD Barnes and JM Darch resigned from
the Board with effect from 3 March 2002 and 28 February 2002, respectively,
and that J Vestrum and HC Qvist were appointed to the Board with immediate
effect.
Johannesburg
27 March 2002
METOREX APPOINTS INTERNATIONAL DIRECTORS
Metorex Limited has appointed two Norwegian directors in place of Canadians
Peter Barnes and John Darch, who have resigned. This follows the completion
of the restructuring of Metorex's holding company, Crew Development
Corporation (Crew), by a Norwegian shareholder grouping.
The new directors, Hans Christian Qvist and Jan A. Vestrum are respectively
newly appointed Chairman and President and Chief Executive Officer of Crew.
Mr Qvist is a management consultant in Oslo, Norway. He has 10 years
experience as chief executive officer with a number of IT companies,
including SPCS - Group, IBM Global Services and Tandberg Data and 10 years
experience with companies in oil exploration, production and trading,
including Shell International and Saga Petroleum.
Mr Vestrum holds a M.Sc. in engineering from The Norwegian Institute of
Technology, Mining Department. He has extensive experience as a senior
executive in the resource and technology industries and corporate finance
from companies such as Schlumberger, Baker Hughes, Merrill Lynch and
Christiania Bank (Nordea Bank from 2001). He comes from the position of
Chairman and CEO of Concept SA, France.
Mr Qvist stated that: "Crew intends developing a closer working relationship
with Metorex, with a view to using Metorex's expertise in the development of
Crew's current projects. Furthermore, with improving metal prices, Crew
anticipates an increased revenue stream from Metorex, which has been a
constant source of cash flow to the company since 1997." Crew has a
portfolio of mining development projects around the world along with its
investment in Metorex.
Commenting on the appointments, Metorex Chairman, Simon Malone, said that he
warmly welcomed the two new members to the board and looked forward to
working with them. "In the past Crew has tended to be an equity investor in
Metorex," he said. "Messrs Qvist and Vestrum have excellent track records
and have confirmed their interest in developing Crew's projects and bringing
them to account. Crew has also indicated its support for Metorex's
strategic growth objectives."
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