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SAfrica's Metorex Q1 copper output up by 18 pct Wed Oct 14,
Wed Oct 14, 2009 10:54am EDT
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* Debt reduced by $30.3 mln to $264.4 mln
* Forecasts Q2 copper output to rise 4 pct to 12,700 T
(Adds details)
JOHANNESBURG, Oct 14 (Reuters) - South African miner Metorex (MTXJ.J) said on Wednesday copper production rose 18 percent to 12,206 tonnes for the three months to September, and forecast a 4 percent increase for the December quarter.
The company also said it reduced its debt by 220 million rand ($30.30 million) to 1.92 billion rand during the first quarter, and estimated that its Ruashi mine in the Democratic Republic of Congo (DRC) would produce 650 tonnes of cobalt in the quarter ending December 2009.
Metorex said the rise in output for the metals bode 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 (in Zambia) 1,900 tonnes," the company said.
The company's cobalt output rose by 19 percent to 678 tonnes, while fluorspar output increased by 70 percent to 45,545 dry tonnes during the same period.
Metorex said the strengthening of the rand continued to threaten the viability of its business.
Metorex said the sale of its shareholding in the Vergenoeg Mining Company for $60 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 Zambia unit, Chibuluma mine, also rose by 15 percent due mainly to higher delivered head grades of copper. (Reporting by Shapi Shacinda)