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Metorex Limited - Financial Report
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 Exchange
JSE alpha MTX ISIN ZAE000022745
Issuer code MEMTX
www.metorexgroup.com
(c) Headline earnings of 18,1 cents per share
(c) Antimony revenue increases by 311%
(c) Increased profit contribution from Coal
(c) Fluorspar qualities improving
(c) Chibuluma South equity partner discussions progressing
(c) Crew reduces shareholding to 21%
Results of operations for the quarter ended 30 September 2002
Consolidated income statement
Quarter ended Quarter ended
30 September 2002 30 September 2001
(Unaudited) (Unaudited)
R000 R000
Revenue - Mineral sales
Copper 91 101 66 872
Zinc 24 812 21 016
Coal 50 089 33 977
Fluorspar 14 442 22 118
Gold 25 366 20 282
Antimony 21 953 5 336
Cobalt 4 498 4 000
Other 2 062 1 376
Gross revenue 234 323 174 977
Realisation costs 29 564 27 226
On-mine revenue 204 759 147 751
Cost of production 158 224 138 197
Depreciation 9 558 7 148
Mining profit 36 977 2 406
Other (expenses)/income (2 006) 3 049
Income before finance costs 34 971 5 455
Net finance (costs)/income (3 446) 675
Income before taxation 31 525 6 130
Taxation 6 382 (714)
Income after taxation 25 143 6 844
Income attributable to outside shareholders 849 1 132
Net income 24 294 5 712
Weighted average shares in issue (000`s) 138 985 120 805
Earnings per share (cents) 17,48 4,73
Headline earnings per share (cents) 18,14 5,49
Headline earnings is calculated as follows:
Income attributable to ordinary shareholders 24 294 5 712
Goodwill amortisation 916 916
Headline earnings 25 210 6 628
Share information
Quarter ended Quarter ended
30 September 2002 30 September 2001
Shares in issue (000`s) 138 985 120 805
Shares traded (000`s) 3 105 1 397
Share price (cents) - High 360 350
Share price (cents) - Low 260 201
Closing price (cents) 315 305
Commodity sales statistics
Quarter ended Quarter ended
30 September 2002 30 September 2001
Copper (t) 5 752 5 542
Zinc (t) 3 061 3 122
Coal (t) 399 237 355 938
Fluorspar (dmt) 15 901 28 320
Gold (kg) 237 262
Antimony (mtu) 155 265 133 339
Commodity prices achieved (averaged)
Quarter ended Quarter ended
30 September 2002 30 September 2001
Copper ($/t) 1 514 1 436
Zinc ($/t) 775 801
Coal (R/t) 125 95
Fluorspar (all grades) ($/t) 87 93
Gold ($/oz) 319 287
Antimony ($/mtu) 13 5
Exchange rate (Average) (R/$) 10,46 8,40
COMMENTARY
FINANCIAL RESULTS
The Group increased its income attributable to ordinary shareholders by 325% to
R24,3 million (R5,7 million) and headline earnings per share increased to 18,14
cents (5,49 cents) for the quarter ended 30 September 2002.
Revenue increased by 34%, which was assisted by increased sales volumes from
coal and antimony, improved commodity prices and the devaluation of the Rand/US
Dollar exchange rate. Fluorspar volumes were lower due to the timing of export
shipments.
The increase of 14% in the cost of production compared with the previous period
has been brought about by a continuation of increased antimony and coal
production and the exchange rate effect on the US Dollar denominated operating
costs.
Depreciation charges have commenced on the O`Okiep Slag Plant, which has now
been commissioned.
CURRENT DEVELOPMENTS
* Chibuluma South
The Group is at an advanced stage of discussions with a potential equity
partner for Chibuluma South.
* Middelburg Townlands
The EMPR on the newly acquired Middelburg Townlands has been submitted.
Mining activities are expected to commence during the second quarter of calendar
year 2003.
* Empowerment Discussions
The Group has held discussions with a number of potential empowerment
partners for the future growth of the Group.
HEALTH AND SAFETY
During the quarter Chibuluma and Consolidated Murchison achieved one million
fatality free shifts and in addition Consolidated Murchison and Vergenoeg were
awarded 2000 and 3000 fatality free production shifts respectively by the
department of Mineral and Energy. Management continues firmly committed to the
health and safety of all its employees.
It is however with regret that the Group reports the death of two of its
employees, one in an underground accident and the other in a road accident.
Condolences have been extended to their families.
FUTURE
The Group expects a further increased profit contribution from its antimony
operation due to the improvement in the price to its current level of
approximately $3 100 per ton.
The life of the Nigramoep mine at O`Okiep has been extended and is expected to
produce into the first quarter of 2003.
The improvement in the quality of Fluorspar produced at the Vergenoeg mine gives
the company access to the North American market. An extensive marketing plan is
in place to exploit this market despite a fall off in consumer demand.
The Group continues to seek longer life quality assets, and the Minerals Bill
and Empowerment Charter are expected to provide additional opportunities for the
Group companies.
CREW SHAREHOLDING
Subsequent to the quarter ended 30 September 2002, Crew Development Corporation
sold approximately 28 million of its shares in Metorex Limited. The bulk of
these shares were sold in an orderly manner to a select group of institutional
investors. We take this opportunity to welcome the institutional shareholders to
the Group and look forward to our continued relationship.
CAPITAL EXPENDITURE
The Group incurred capital expenditure of approximately R6,2 million during the
quarter, mainly on plant improvements at Vergenoeg, equipment upgrades at
Chibuluma and components for a smelter upgrade at O`Okiep.
By order of the board
12 November 2002
A S MALONE C D S NEEDHAM
Chairman Financial Director
Contact details for Metorex Limited:
Postal PO Box 2814,
Saxonwold, 2132
Republic of South Africa.
Telephone +27 (011) 880-3155
Facsimile +27 (011) 880-3322
e-mail info@metorexgroup.com website www.metorexgroup.com
Date: 13/11/2002 12:03:02 PM Produced by the JSE SENS Department
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