Message Jeu 8 Sep 2011 19:53

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Metorex's profits rise
By Chiwoyu Sinyangwe
Thu 08 Sep. 2011, 13:59 CAT [97 Reads, 0 Comment(s)] Text size Print


METOREX, the majority shareholders of Chibuluma mine, has reported a 155 per cent rise in first-half profit, boosted by strong copper prices and higher output.

The mine also forecast production at its mining units to remain at current levels of about 50,000 tonnes of copper per annum.

According to the financial report ending June this year, the South African miner which is a takeover target of Chinese metals group Jinchuan, said it expected demand and prices for the industrial metal to remain strong on the back of stressed supply.

"The copper price has been pretty resilient and from our perspective the fundamentals around copper are still very strong," said chief executive Terence Goodlace.

Metorex, which also has operations in the Democratic Republic of Congo, reported that its copper production during the six months ending June rose five per cent to 26,562 tonnes, while output of cobalt increased 18 per cent to 1,890 tonnes.

Goodlace said similar production was expected until output at the company's Kinsenda project in the DRC starts by the end of 2013.

He also said Metorex, with a busy project pipeline and potential for expansion, was also seeking to more than double its current annual copper production of around 50,000 tonnes, although the timeline for the expansion is unclear.
Goodlace said the new owners might take an accelerated view on the development of the company's projects.

Chibuluma is 85 per cent owned by Metorex Limited of South Africa which acquired a majority stake in Chibuluma Mines plc in October 1997.

The assets under purchase comprised two separate potential mining areas namely the Chibuluma West and South mines.