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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 London Stock Exchanges
Share code: MTX ISIN: ZAE000022745
www.metorexgroup.com
Results of operations for the quarter ended 31 March 2002
* Quarterly headline earnings increase by 218% to 17,66 cps
* Placement of shares raises R57,9 million
* O'Okiep Slag Retreatment Plant construction complete
* Middelburg Townlands EMPR progressing well
Consolidated Income Statement
Quarter Quarter
ended ended
31 March 31 December
2002 2001
(Unaudited) (Unaudited)
R000 R000
Revenue - Mineral sales
- copper 91 758 89 316
- zinc 32 435 29 550
- coal 26 558 27 882
- fluorspar 49 308 30 448
- gold 25 967 22 620
- antimony 10 313 10 880
- cobalt 3 012 5 005
- other 2 120 2 239
Gross revenue 241 471 217 940
Realisation costs 58 309 48 603
On-mine revenue 183 162 169 337
Cost of production 135 207 130 515
Depreciation 5 113 4 926
Amortisation of mining rights 2 835 2 836
Mining profit 40 007 31 060
Other income / (expense) 2 705 (6 936)
Amortisation of goodwill 576 575
Income before finance costs 42 136 23 549
Net interest expense 3 033 2 055
Income before exceptional items 39 103 21 494
Impairment - Chibuluma assets - (112 368)
Income before taxation 39 103 (90 874)
Taxation
- normal 9 820 5 539
- deferred 4 809 5 079
- secondary - 2 187
Income after taxation 24 474 (103 679)
Income attributable to
outside shareholders 3 723 2 555
Net income 20 751 (106 234)
Weighted average shares
in issue (000's) 120 786 120 761
Basic earnings per share (cents) 17,18 (87,97)
Basic headline earnings
per share (cents) 17,66 5,56
Cash earnings per share (cents) 24,24 11,98
Income attributable to
ordinary shareholders 20 751 (106 234)
Impairment provision - 112 368
Goodwill amortisation 576 575
Headline earnings 21 327 6 709
Share information
Metorex Limited trades on both the Johannesburg and London Stock Exchanges
under the share code "MTX".
Quarter ended Quarter ended
31 March 31 December
Share information 2002 2001
Shares in issue 120 844 820 120 804 820
Shares traded (000's) 4 402 1 459
Share price (cents) - High 400 400
Share price (cents) - Low 270 220
Closing price (cents) 340 375
Commodity sales statistics
Quarter ended Quarter ended
31 March 31 December
Commodity 2002 2001
Copper (t) 5 245 5 956
Cobalt (t) 19 31
Coal (t) 281 191 288 054
Zinc (t) 3 247 3 578
Manganese (wmt) 6 205 5 746
Fluorspar (wmt) 47 795 35 714
Antimony (mtu) 121 075 122 579
Gold (kg) 236 232
Exchange rate (Average) (R/$) 11,58 10,26
RESULTS OF OPERATIONS
Safety
During the quarter, Consolidated Murchison mine achieved one million
Fatality-Free Underground Shifts.
Financial
The performance for the quarter to March 2002 has improved on the
previous two quarters of this financial year assisted by generally improved
commodity prices and continued Rand/Dollar weakness. Gross revenue increased
by 11% from the previous quarter. Higher prices were the main contributor
with sales volumes, slightly lower.
Production costs increased by 3,6% from the previous quarter. The effect
of the Rand/Dollar exchange rate on the Dollar denominated costs was a
contributor to this increase.
Other income for the quarter improved as a result of increased profit on
toll contracts at O'Okiep Copper Company.
Income before exceptional items and tax increased by 82% on the previous
quarter, and headline earnings increased to 17,66 cents per share (5,56
cents per share).
ISSUE OF SHARES FOR CASH
Subsequent to the end of the quarter, Metorex issued 18,1 million new
ordinary shares at a price of 320 cents per share to selected institutions,
raising R57,9 million to partially reduce the group debt levels, develop the
Middelburg Townlands coal reserve and upgrade underground equipment in the
coal division. This issue will enhance both the freefloat and tradeability
in the Metorex share.
CURRENT DEVELOPMENTS
* Middelburg Townlands
The EMPR on the newly acquired Middelburg Townlands resource is
progressing with further exploration drilling having produced positive
results.
* Chibuluma South
Negotiations with ZCCM and the Zambian Government for the "levelling of
the playing fields" regarding certain concessions have produced some
results. Further concessions are being pursued.
* Consolidated Murchison
Production levels are being increased through the introduction of a seven-
day working week to prepare for an expected antimony price increase.
* O'Okiep Slag Dump Retreatment Plant
The Slag Dump Retreatment Plant has been completed. Metallurgical
commissioning is expected to be completed during May 2002.
CAPITAL EXPENDITURE
Capital expenditure of approximately R15,6 million was incurred during
the quarter, related mainly to the construction of the O'Kiep Slag Dump
Retreatment Plant and the continued plant improvements at Vergenoeg.
By order of the board
8 May 2002
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