Copper coming off the
line at Metorex’s Sable
processing facility
in Zambia
 
Johannesburg, South Africa — MININGREVIEW.COM — 05 August 2008 – Metorex Limited – an independent mid-tier mining company currently active in base metals, industrial minerals, and gold – expects its headline earnings per share for the year to 30 June 2008 to reach between 120 And 144 cents, compared to 110.5 cents the previous year.

In a Sens trading update released here, the company pointed out, however, that basic earnings were expected to drop from 183.5 cents per share in the year to 30 June 2007 to between 146 and 173 cents per share at the end of June this year.

The update revealed that EBITA from continuing operations by 30 June 2008 was expected to be between R950 million and R1.1 billion, which would be between 60 and 85% above the R591 million reached at the same time last year.

It pointed out that EBITDA from continuing operations excluded an accounting profit on the reverse acquisition of Pan African Resources plc of R157 million, and that the comparative figure to 30 June 2007 excluded an accounting and operating profit of R328 million relating to the Wakefield Coal Group disposal in June 2007.

Weighted average number of shares in issue increased by 15% from 303 million to 348 million, according to the update. The 15% increase in the number of shares in issue relates mainly to the acquisition of Copper Resources Corporation, a current development project, profits from which will only commence on commissioning of the Kinsenda Mine.

It is anticipated that the full Metorex results for the year ended 30 June 2008 will be published on 21 August 2008.