Johannesburg, South Africa — MININGREVIEW.COM — 15 October 2009 – South African-based and JSE-listed Metorex Limited “’ a well-known base metal operator in Zambia and the Democratic Republic of Congo (DRC) “’ says the company’s copper production rose 18% to 12 206 tonnes for the three months to 30 September, and forecast a 4% increase for the December quarter.
In a statement issued here, the company also revealed that it had reduced its debt by R220 million rand to R1.92 billion during the first quarter of FY 2010, and estimated that its Ruashi mine in the Democratic Republic of Congo (DRC) would produce 650 tonnes of cobalt in the quarter ending 30 December 2009.
Metorex said the rise in output for the metals boded well for the company’s viability.
“It is estimated that Metorex copper production will increase to 12 700 tonnes for the December 2009 quarter with Ruashi producing 6 500 tonnes, Chibuluma 4 300 tonnes and Sable 1 900 tonnes,” the company added.
The statement went on to say that cobalt output had risen by 19% to 678 tonnes, while fluorspar output had increased by 70% to 45 545 dry tonnes during the same period.
Metorex pointed out that the strengthening of the rand continued to threaten the viability of its business.
It added that the sale of its shareholding in the Vergenoeg Mining Company for US$60 million (R480 million) was on track, and that the proceeds would be applied to the Ruashi mine project loan should the deal become unconditional.
The company said Ruashi continued to improve output, while production at its Chibuluma mine in Zambia also rose by 15% due mainly to higher delivered head grades of copper.