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01 September 2009

Trading statement

METOREX LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1934/005478/06)
Share code: MTX
ISIN: ZAE000022745
Issuer code: MEMTX
(“the Company”)

Trading statement

Shareholders are advised that management’s expectation for the Company’s earnings for the year ended 30 June 2009 compared with those of the prior year, are set out below:

• Earnings before interest, tax, depreciation and amortisation ("EBITDA") from continuing operations reduced to between R370 million and R450 million following a significant decrease in copper prices (30 June 2008 - R777 million).
  
  EBITDA from continuing operations excludes the results for the year of Pan African Resources Plc and Consolidated Murchison as these assets were held for sale. Accordingly, the comparative results have been restated.
• Headline earnings between 20 cents per share ("cps") and 30 cps (30 June 2008 - 132 cps).
• Weighted average number of shares in issue increased by 59% to 553 million from 348 million.
• Basic loss per share between 218 cps and 249 cps (30 June 2008 - Basic earnings of 159 cps).
  
  The basic loss per share includes a group impairment charge of R1.4 billion, net of tax and minority interests.
  
  The impairment charge principally relates to Copper Resources Corporation which has been impaired to a value of US$30 million (R231 million) following a risk adjusted valuation at a real after tax discount rate of 20%. This discount rate accounts for risks related to project development, operating in the DRC and future project funding.
  
  Furthermore, the assets of Ruashi "Phase I" only and Consolidated Murchison have been fully impaired.

This information has not been reviewed or reported on by the Company's auditors. It is anticipated that the results for the year ended 30 June 2009 will be published on or about 9 September 2009.

Johannesburg
31 August 2009

Sponsor:
Barnard Jacobs Mellet Corporate Finance (Pty) Limited

Public relations adviser:
College Hill
011 447 3030

 

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