TIDMMTX
Metorex Limited
Registration number: 1934/005478/06
Incorporated in the Republic of South Africa
JSE code: MTX ISIN: ZAE000022745Issue code: MEMTX
Listed on the JSE Limited and London Stock Exchange
("Metorex" or "the Group" or "the Company")
Consolidated unaudited interim results for the period ended
31 December 2008 and further cautionary announcement
- R922 million re-capitalisation concluded
- Ruashi ii project ramp-up underway
- Strategy refocused to strengthen the balance sheet
Commentary
Terence Goodlace, the Chief Executive Officer said, "Metorex has experienced
difficult times over the last six months driven by rapidly declining commodity
prices in conjunction with major investment programmes in an inflationary
environment. This led to the successful capital raising of R922 million over
December 2008 and further decisive action to address challenges and refocus the
strategy of the Company. This includes delivery of the Ruashi II project in the
DRC, restoring the strength of the balance sheet and pursuing opportunities to
further diversify the commodity and geographic mix of the Metorex portfolio.
The Group has a declining capital expenditure profile which will go a long way
to improving the current cash position of the company. Human resources and
appropriate technical skills have been injected into the businesses and we are
firmly focused on improving operational performance. We are totally committed
to meeting current and future strategic imperatives and I believe there is a
solid foundation and the right leadership in place to steer the company through
these uncertain times."
Financial performance for the six months ended 31 December
Financial performance 2008 2007 2006 2005
Gross revenue (R'000) 1 251 684 1 039 263 790 929 435 523
Cash mining profit (R'000) 275 681 386 828 279 489 91 460
EBITDA (R'000) 476 038 537 918 317 091 136 300
Cash mining profit (%) 22 37 35 21
margin
EPS (cents) 42,09 83,3 51,0 21,2
HEPS (cents) 48,21 53,8 51,4 13,4
Market capitalisation (R'000) 1 324 246 7 767 304 4 824 846 2 071 166
Shares in issue ('000) 613 077 355 483 297 830 287 662
Share price (cents) 216 2 185 1 620 720
ZAR/US$ rate - Average (R/US$) 8,88 6,94 7,22 6,53
ZAR/US$ rate - Closing (R/US$) 9,55 6,86 6,99 6,31
Commodity production*
Commodity Unit 2008 2007 2006 2005
Copper - Chibuluma and (t) 11 348 12 177 7 491 3 380
Ruashi Phase I
Copper - Ruashi Phase (t) 2 215 - - -
II capitalised
Copper - subtotal (t) 13 563 12 177 7 491 3 380
Cobalt (t) 135 312 53 -
Antimony (mtu) 150 371 201 132 341 289 245 543
Fluorspar (all grades) (dmt) 96 422 95 864 95 235 78 200
Gold (kg) 1 908 1 688 2 030 1 891
*The figures above are stated as gross and do not represent the attributable
beneficial interest.
Commodity sales*
Commodity Unit 2008 2007 2006 2005
Copper - Chibuluma and (t) 11 820 10 964 7 473 3 462
Ruashi Phase I
Copper - Ruashi Phase (t) 2 023 - - -
II capitalised
Copper - subtotal (t) 13 843 10 964 7 473 3 462
Cobalt (t) 237 162 - -
Antimony (mtu) 130 605 163 038 191 800 326 041
Fluorspar (all grades) (dmt) 86 362 91 188 86 765 72 442
Gold (kg) 1 833 1 712 1 702 2 018
*The figures above are stated as gross and do not represent the attributable
beneficial interest.
Average commodity prices achieved
Commodity Unit 2008 2007 2006 2005
Copper (US$/t) 4 826 7 392 7 093 4 135
Cobalt (US$/lb) 15 11 - -
Antimony (US$/mtu) 60,0 55,0 53,4 37,3
Fluorspar (all grades) (US$/t) 224 174 173 149
Gold (US$/oz) 830 721 567 464
Safety and training
The Group is pleased to report that its focus on the health and safety of its
employees and the safety procedures under which it conducts its operations
resulted in a fatality free interim period.
Summary
Metorex's strategy of developing a balanced portfolio of commodities proved
itself again in the difficult conditions prevailing during the period under
review. Excellent performances from the Group's established gold and fluorspar
operations offset lower profitability from the established base metal
operations as a consequence of sharply lower base metal prices.
Unfortunately, significant cost overruns and technical challenges at Ruashi
Mining sprl ("Ruashi") resulted in the Group facing the economic downturn with
excessive debt finance. Poor project management and weak reporting and planning
disciplines exacerbated a situation which would otherwise have been addressed
in a pre-emptive fashion in a more stable financial environment. Nonetheless, a
successful capital raising of R744 million from the issue of fresh equity and
bridging loan of R178 million was completed in December 2008, to provide the
funds required to complete the Ruashi project capital programme.
Consolidated Murchison Mine is currently being significantly down-scaled and
prepared for care and maintenance or disposal at a cost of approximately
R100 million - R140 million. These costs, servicing costs and bridging finance
loan repayments from the Standard Bank of South Africa, together with
uncertainties regarding commodity prices and the ramp-up to full production at
Ruashi will result in the Group needing further funding.
To address this and to reduce Group debt to acceptable levels, a programme to
dispose of non-core assets, to raise project-specific funds to develop the
Group's high-grade Democratic Republic of the Congo ("DRC") copper assets and
reduce debt at project level and to progress corporate transactions with
entities with synergistic cash-flow, growth and commodity/geographic portfolios
has commenced and is making encouraging progress.
Finally, decisive improvements to the Group's core executive and operational
team and corporate disciplines have been and, continue to be, made.
Financial results
For the half year to 31 December 2008, the Group's revenues increased,
following a 28% weakening of the ZAR/US Dollar exchange rate, and its
profitability suffered during the second quarter as commodity prices reduced.
Operating costs increased following a weaker ZAR/US Dollar exchange rate and
inflationary unit cost increases. These unit cost increases have subsequently
eased following the meltdown in global activity. Overall earnings benefited
from profits of R210 million realised on closure of hedge contracts surplus to
Ruashi's revised production plans. Ruashi Phase II is in a ramp-up phase and
accordingly its revenues and expenses continue to be capitalised.
While headline earnings per share were comparable with those achieved last
year, the directors are under no illusions that this represents a satisfactory
outcome.
Capital expenditure for the period is detailed below:
Company 2008 2007
Consolidated Murchison Division 21 890 12 971
Chibuluma Mines Plc ("Chibuluma") 86 324 51 273
Copper Resources Corporation ("CRC") 192 174 -
Pan African Resources Plc ("PAR") 73 193 20 291
Ruashi 611 268 697 449
Sable Zinc Kabwe Limited ("Sable") 3 181 9 398
Vergenoeg Mining Company (Pty) Limited 26 379 4 403
("Vergenoeg")
Metorex 48 -
Total 1 014 457 795 785
*The above excludes mineral rights.
Contracted capital commitments at 31 December 2008 amount to R82,8 million
(2007: R458 million), whilst uncontracted commitments amount to R334,4 million
(2007: R36,8 million). Uncontracted commitments mainly relate to the Ruashi
project, the acid plant, crusher/front end and reagent store build up.
Operating lease commitments, which fall due within the next year, amount to
R33,4 million (2007: R7,3 million), whilst commitments of R35,7 million (2007:
R13,3 million) fall due during the next four years.
Following the capital raising completed in December 2008, the Group remains
heavily indebted as it completes its capital expenditure programmes. In the
context of the currently depressed state of the world economy and best
estimates of the outlook for copper and cobalt prices in particular, the
directors of Metorex will seek to reduce this debt level as soon as possible.
Hedgebook status
Commodity Maturity Volume Price
Gold: Up to 280kg R111/g
24 months
Copper: Ruashi II - 6 months (Jan '09 - Jun '09) 7 500t US$7 071/t
Forwards
Ruashi II - 15 months (Jul '09 - Sept '10) 26 800t US$3 900/t
Forwards
Ruashi II - 21 months (Oct '10 - Jun '12) 34 425t US$3 900/t
Put option
(net of
premium)
During the period, the Ruashi hedgebook was restructured and the over-hedged
position was subsequently closed out. This resulted in a profit of R211
million. This profit was utilised to restructure the book and enter into new
forwards and fully paid up put options.
OPERATIONAL REVIEW
Base Metal Division - six months ended 31 December
Copper
Chibuluma Mines Plc 2008 2007 2006 2005
Tons milled (t) 296 244 266 440 256 310 156 127
Headgrade (%) 3,05 3,0 2,5 2,8
Overall recovery (%) 90 90 84 79
Copper produced (t) 8 113 7 146 5 274 3 380
Copper sold (t) 7 849 7 052 5 288 3 462
Total cash cost/ton sold (US$/t) 2 872 2 504 2 817 2 728
Mining profit before (R'000) 54 649 231 850 158 610 29 199
depreciation
Depreciation (R'000) 28 739 22 916 15 826 7 965
Chibuluma has benefited from increased milling capacity and the mine performed
satisfactorily for the last six months. Its principal operational challenges
were dealing with offtake problems at local smelters and understandable, though
unacceptable, operating cost escalations. Unit costs of production have
subsequent to December 2008 decreased by some 10% - 15% following on-mine cost
reduction initiatives and a weaker Kwacha/US Dollar exchange rate.
Chibuluma's copper sales are priced as to three months following month of
delivery which resulted in a price achieved of US$3 800/t sold during the
period under review.
The recent announcement by the Zambian authorities that they do not intend
proceeding with the proposed windfall tax proposals is welcome. Nevertheless,
current copper price levels present a challenge to the company.
Copper/Cobalt
Ruashi/Sable - Phase I 2008 2007 2006 2005
Tons milled (t) 238 447 292 996 223 092 -
Headgrade - Copper (%) 3,05 3,24 2,53 -
- Cobalt (%) 0,47 0,46 0,49 -
Recovery - Copper (%) 44,48 53,00 39,83 -
- Cobalt (%) 12,05 22,93 10,72 -
Copper produced (t) 3 235 5 031 2 217 -
Copper sold (t) 3 971 3 912 2 185 -
Cobalt produced (t) 135 312 53 -
Cobalt sold (t) 237 162 - -
Total cash cost/ton of copper (US$/t) 7 248 4 170 5 567 -
sold, net of cobalt
Mining profit before (R'000) 14 617 62 529 26 386 -
depreciation
Depreciation (R'000) 23 246 15 334 7 729 -
Phase II - Capitalised 2008 2007 2006 2005
Tons milled (t) 112 990 - - -
Headgrade (%) 3,11 - - -
Recovery (%) 63,00 - - -
Copper cathode produced (t) 2 215 - - -
Copper cathode sold (t) 2 023 - - -
Ruashi Phase I was largely winding down during the period under review as Phase
II commenced ramp-up. This has resulted in a disappointing financial
performance.
As a result of the depressed zinc price, the zinc plant at Sable was converted
to process cobalt during the period. Market conditions together with delays at
Ruashi resulted in lower than anticipated throughput for the copper and cobalt
circuits. The acid plant however continues to perform well.
Ruashi II ramp-up commenced in November with mill grades of 3,11% copper,
recoveries of 63% (planned 86%) and copper cathode produced during the review
period of 2 215 tonnes. The plant is expected to produce at full capacity by
December 2009. The cobalt plant was commissioned in February 2009. The teething
problems experienced have been disclosed previously and are considered to be
due, in many cases, to under-designed elements of the project. The capital cost
overruns have been fully disclosed and their sources estimated.
While operating costs are currently a cause for concern, it is considered that
the work now being undertaken in this area will result in an efficient,
world-class operation by the time the project is commissioned. Expenditure on
the Phase II plant to December 2008 amounted to US$300 million, with US$35
million remaining to completion which includes an acid plant of US$7 million.
The major cost components are the mining contract, acid and lime consumption.
With an acid plant, this operation is expected to produce copper at below US$1
per pound, net of cobalt credits at full capacity (assuming a cobalt price of
US$15 per pound).
CRC
Operational focus has been on dewatering Kinsenda Mine, re-equipping its
underground operations and finalising the engineering drawings for the
prospective concentrator plant. This work is now substantially complete and the
operation has been scaled down pending funding to proceed with the project. The
Kinsenda Mine has a world-class orebody with proven and probable ore reserves
of 11,2 million tonnes at a copper grade of 4.92% and Lubembe has an inferred
resource of 47,5 million tonnes at 22% copper.
Metorex has provided all the required funding for CRC to date, and is a 50,3%
shareholder. To provide other shareholders with an opportunity to participate
in the company's future a US$50 million equity placing is underway, which will
result in some US$25 million of new funding availability if shareholders follow
their rights. Metorex has undertaken to follow its rights by way of conversion
of a portion of its loan account. If shareholders do not follow their rights
Metorex could own 87% of CRC. These Metorex shareholdings are prior to the
impact of the Central African Mining Exploration Company Plc ("Camec") shares
(47%) having been stripped of voting and dividend rights by the board of CRC as
a consequence of Camec's failure to make an offer to minorities as required by
the company articles. In addition legal advice received indicates that Metorex
has a damages claim against Camec for approximately GBP85 million. The Company
reserves its rights in this regard.
Shareholders have recently agreed to delist CRC's shares from the London AIM
market as the ongoing costs of maintaining this listing given the shareholding
structures and market conditions are not justified.
Industrial Minerals Division - six months ended 31 December
Fluorspar
Vergenoeg 2008 2007 2006 2005
Tons milled (t) 285 267 290 429 288 048 229 023
CaF2 headgrade (%) 38,8 40 43 44
CaF2 recovery (%) 75,2 77 70 73
Acidspar produced (dmt) 84 842 90 936 88 858 66 240
Acidspar sold (dmt) 84 592 87 119 81 094 68 610
Total cash cost/ton sold (R/t) 1 114 882 825 765
Mining profit before (R'000) 69 174 35 437 43 559 14 479
depreciation
Depreciation (R'000) 6 070 5 476 4 653 3 847
Vergenoeg's financial performance for the period was excellent with higher
pricing augmented by a weaker Rand. Operating cost pressures were experienced
in line with the general trend during last year, though there is now evidence
of some relaxation of those pressures. New processing technology installed and
commissioned since year-end has improved product specifications, facilitated
greater run-of-mine feed flexibility and lowered overall unit production costs.
Fluorspar demand and prices are being negatively impacted by the current state
of the global economy. Low production costs, high product specifications and a
broad customer base should enable Vergenoeg to weather this downturn.
Antimony
Consolidated Murchison 2008 2007 2006 2005
Tons milled (t) 181 046 152 098 213 260 225 733
Produced: Sb (mtu) 150 371 158 995 201 132 341 289
Au (kg) 234 223 278 372
Sold: Sb (mtu) 130 605 163 038 191 800 326 041
Au (kg) 241 235 279 370
Total cash cost/mtu sold* (R/mtu) 613 421 333 174
Mining profit before (R'000) (14 850) (6 085) 10 297 22 792
depreciation
Depreciation (R'000) 6 300 3 000 2 400 1 980
*Net of gold revenue.
As noted above, this business is faced with serious problems. Demand for its
primary product, antimony, has effectively disappeared and the division's major
customer has defaulted on offtake contractual commitments. It is uneconomic to
rely solely on its gold production. Consolidated Murchison is currently being
significantly down-scaled and prepared for care and maintenance or disposal at
a cost of approximately R100 million - R140 million. This includes the cost of
injudicious historic gold hedging contracts at a cost of approximately R52
million.
Gold Division
Pan African Resources - 2008 2007 2006 2005
Barberton Mines
Tons milled (t) 159 919 161 466 166 377 157 452
Headgrade (g/t) 11,40 9,05 9,24 11,44
Overall recovery (%) 91 92 92 92
Produced (kg) 1 674 1 454 1 410 1 660
Sold (kg) 1 592 1 477 1 423 1 648
Total cash cost/kg sold (R/kg) 134 581 114 640 104 371 82 671
Mining profit before (R'000) 159 867 64 534 54 461 23 239
depreciation
Depreciation (R'000) 18 537 16 020 14 800 12 046
Barberton's operating performance for the half year was excellent, with a 15%
increase in gold production. While this operation also experienced cost
pressures, the Rand price of gold more than compensated. Again, those cost
pressures appear to be ameliorating though it is also relevant to note that
headgrades were particularly high for the reporting period.
DRC mining licence review
The uncertainty created by the review process for mining licences in the DRC is
at last resolved for Metorex. The terms of the new arrangements for Ruashi and
CRC were an equity increase of 5% and 3% respectively, a royalty fee of 2,5% on
gross revenue and pas de porte amounting to US$4 million and US$3 million
respectively.
New order mining rights
Barberton
The application for new order mining rights for Barberton Mines has been
submitted to the Department of Minerals and Energy ("DME") and all issues
raised by them have been attended to. The Company is now awaiting the issue of
the new order rights.
Vergenoeg
All the necessary documentation required for the submission of the new order
mining rights application have been completed, other than empowerment
shareholding. On the issue of the BEE participation, the Company is in advanced
negotiations with a prospective partner and it is anticipated that the deal
will be finalised before the end of April 2009. The application will then be
submitted to the DME.
Consolidated Murchison
The necessary documentation has been completed and is being audited by an
independent consultant to ensure that it meets the requirements of the DME. An
empowerment partner has been identified and discussions are underway as to the
mechanism of how the Company will be structured. Once these discussions have
been finalised the application will be submitted to the DME.
Exploration activity
The Metorex annual report provides a comprehensive review of the Group's
exploration activities. As a general policy, unless clearly detrimental to the
Group, expenses associated with exploration activities have been curtailed.
Accordingly, only ongoing significant exploration activity is reported on
herein.
Musonoi (DRC)
After completion of some 7 300 metres of core drilling, a Kamoto type deposit
over a strike length of 600 metres and averaging 43 metres thickness has been
confirmed. The oxide portion resource is currently being estimated. Limited
drilling to a depth of 400 metres confirms continuity of grades as a sulphide
resource.
Lubembe (DRC)
Drilling of some 1300m has been completed, the results of which are awaited.
Initial indications are encouraging.
Accounting policies
The accounting policies applied are in accordance with International Financial
Reporting Standards and these unaudited interim results have been prepared and
presented in accordance with International Accounting Standard 34. The
accounting policies and methods of computations are consistent with those
adopted in the financial year ended 30 June 2008. These interim results have
not been reviewed or reported on by the Company's external auditors.
Board and management
Mr AS Malone retired on 20 January 2009. The Company wishes to record its
appreciation for the immense contribution he made to the Group over a period of
33 years.
To facilitate a more appropriate balance between executive and non-executive
directors, KC Spencer and EW Legg resigned from the Board on 20 January 2009.
Mr Legg will remain an alternative director and Group executive. Mr Spencer
will retire during March 2009 but will remain the Chairman of Pan African and
will consult to the Group in connection with the remedial actions taking place
at Consolidated Murchison and on other corporate actions.
During the period Messrs Les Paton and Pierre Chevalier joined the Board which
will benefit from their respective skills and experience. As announced on 24
February 2009, Mr Terence Goodlace has been appointed as the new Group Chief
Executive effective 2 March 2009. Further changes to operational executives and
staff have been implemented and the process continues.
For a limited period the Board has requested Mr RG Still to assist executive
management in achieving defined objectives. Following the appointment of Mr
Terence Goodlace this assignment will phase out by mid-year.
The Board will also focus on improving the demographic and gender balance of
the Board and Group management in the periods ahead. Significant corporate
transactions currently under evaluation will accelerate this process.
Future prospects
The Group remains committed to its strategy of being a leading mid-tier
multi-commodity mining group, focused on high grade, long life ore bodies in
sub Saharan Africa.
In the short term the Company will focus on three imperatives, namely:
* completion of the Ruashi project to design capacity, before the end of 2009,
within currently estimated capital costs and with operating costs at the lower
quartile of the copper cost curve;
* reducing Group indebtedness;
* improving the geographic and commodity balance of the Group's portfolio.
To address these imperatives the following programme has commenced and is
making encouraging progress post the reporting period:
* the disposal of non-core assets;
* the raising of project-specific funds to develop the Group's high-grade DRC
copper assets and reduce debt at project level;
* evaluating and progressing corporate transactions with entities with
synergistic cash-flow, growth and commodity/geographic portfolios;
* improving the quality of operational and managerial human resources within
the Group; and
* reducing costs throughout the Group.
The current economic environment is harsh and uncertain. The Company will need
to achieve the above objectives in order to survive this period and emerge able
to maximise the opportunities available from its quality mining portfolio in an
eventual recovery.
Further Cautionary Announcement
Shareholders are referred to the further cautionary announcement dated
3 February 2009 and are advised that Metorex remains involved in negotiations
which may have an effect on the price of the Company's securities.
Accordingly, shareholders are advised to continue to exercise caution when
dealing in the Company's shares until a further announcement is made.
By order of the Board
RG Still
Chairman
TP Goodlace
Chief Executive
3 March 2009
Consolidated income statement
Six months ended Six months ended %change
31 December 2008 31 December 2007
(Unaudited) (Unaudited)
R000's R000's
Revenue
Mineral sales
Copper 506 290 562 518 (10)
Cobalt 70 271 26 401 166
Fluorspar 171 876 112 250 53
Gold 433 980 275 449 58
Antimony 69 267 62 645 11
Gross revenue 1 251 684 1 039 263 20
Realisation costs 156 168 136 356 15
On-mine revenue 1 095 516 902 907 21
Cost of production 805 322 540 996 49
Stock movement 14 513 (26 934) +ve
Depreciation 82 958 62 806 32
Mining profit 192 723 326 039 (41)
Other expenses (11 494) (8 922) 29
Profit on the closure of Ruashi 210 954 - +ve
hedgebook
Profit on the reverse acquisition - 157 995 -ve
of Pan African Resources Plc
Operating income before finance 392 183 475 112 (17)
costs
Finance income 7 837 2 995 162
Finance costs (18 330) (3 609) 408
Profit before taxation 381 690 474 498 (20)
Taxation 144 810 143 353 (1)
Profit for the period 236 880 331 145 (28)
Attributable to
Equity holders of the parent 159 666 279 283 (43)
Minority interest 77 214 51 862 49
236 880 331 145 (28)
From continuing and discontinued
operations
Earnings per share (cents) 42,09 83,32 (49)
Diluted earnings per share (cents) 41,88 80,76 (48)
Headline earnings per share is
calculated using the following
Income attributable to ordinary 159 666 279 283 (43)
shareholders
Impairments, net of tax and 22 310 - +ve
minorities
Profit on the disposal of Barberton - (103 335) -ve
after taxation
Discontinued operations - O'Okiep 898 4 405 (80)
Headline earnings (R000's) 182 874 180 353 1
Headline earnings per share (cents) 48,21 53,81 (10)
Diluted headline earnings per share 47,96 52,15 (8)
(cents)
Weighted average number of shares 379 304 335 196 13
in issue (000's)
Diluted number of shares in issue 381 283 345 826 10
(000's)
Condensed consolidated balance sheet
Six months ended Year ended
31 December 2008 30 June
(Unaudited) 2008
R000's
(Audited)
R000's
ASSETS
Non-current assets
Property, plant and equipment 4 340 199 3 191 306
Mineral rights 3 778 865 3 286 840
Goodwill 233 104 233 104
Investments 37 638 3 443
Rehabilitation trust funds 42 914 40 962
Derivative instruments 468 946 -
Deferred tax asset - 1 354
8 901 666 6 757 009
Current assets
Inventories 369 067 328 096
Trade and other receivables 711 980 648 214
Derivative instruments 380 308 349
Taxation prepaid 19 002 13 900
Bank balances and cash 494 690 203 435
Asset classified as held for sale - 8 440
1 975 047 1 202 434
10 876 713 7 959 443
EQUITY AND LIABILITIES
Capital and reserves
Share capital and premium 2 796 915 2 329 663
Hedging and translation reserve 913 739 (173 178)
Retained income 1 548 755 1 389 089
Share option equity 34 452 26 452
Equity reserve (121 922) (121 922)
Equity attributable to equity holders of 5 171 939 3 450 104
parent
Minority interest 923 776 683 570
Total equity 6 095 715 4 133 674
Non-current liabilities
Long-term liabilities - interest bearing 2 035 252 1 364 993
Long-term provisions 219 954 209 767
Deferred tax liabilities 1 132 802 943 452
3 388 008 2 518 212
Current liabilities
Trade and other payables 690 733 593 220
Short-term borrowings - interest bearing 376 951 187 982
Short-term provisions 47 398 44 388
Bank overdraft 102 551 19 864
Derivative instruments 72 618 305 372
Taxation 102 739 156 731
1 392 990 1 307 557
Total equity and liabilities 10 876 713 7 959 443
Net asset value per share (cents) 844 935
Net tangible asset value per share (cents) 806 871
Condensed consolidated cash flow statement
Six months ended Six months
ended
31 December 2008
31 December
(Unaudited) 2007
R000's (Unaudited)
R000's
Cash generated by operations 232 892 299 898
Minorities distributions (39 096) (20 733)
Taxation paid (107 020) (47 277)
Finance costs, net (10 947) (614)
Cash inflows from operating activities 75 829 231 274
Cash outflows from investing activities (1 079 298) (738 896)
Cash inflows/(outflows) from financing 1 193 707 604 772
activities
Net increase/(decrease) in cash and cash 190 238 97 150
equivalents
Cash at beginning of year 183 571 54 558
Effect of foreign exchange rate changes 18 331 (573)
Cash at end of period 392 139 151 135
Condensed statement of changes in equity
Six months ended Six months
ended
31 December 2008
31 December
(Unaudited) 2007
R000's (Unaudited)
R000's
Shareholders' equity at start of period 4 133 674 2 003 703
Ordinary shares issued, net of costs 467 252 700 816
Hedging and translation reserve 1 086 917 83 257
Net income for the period 159 666 279 283
Share option equity 8 000 2 500
Minority interest 240 206 312 351
Total equity 6 095 715 3 381 910
Contact details for Metorex Limited and corporate advisers
Postal: PO Box 2814, Saxonwold, 2132, South Africa
Telephone: (+27 11) 880-3155
Facsimile: (+27 11) 880-3322
Website: www.metorexgroup.com
E-mail: ir@metorexgroup.com
Investor relations
College Hill
PO Box 413187, Craighall, 2024, South Africa
Telephone: (+27 11) 447-3030
Breakstone Group
82 Wall Street, Suite 805
New York, NY 10005, USA
Telephone: (+1 646) 452-2334
St James Corporate Services Limited
6 St James's Place
London, SW1A INP, England
Telephone: (+44 207) 499-3916
Registrars
South African and United Kingdom
Link Market Services South Africa (Pty) Limited
PO Box 4844, Johannesburg, 2000, South Africa
Telephone: (+27 11) 834-2266
The Capita Group PLC
The Registry, 34 Beckenham Road, Beckenham, Kent, BR34TU, England
Telephone: (+44 208) 639-2157
Company Secretaries
Moore Stephens MWM
PO Box 1574, Houghton, 2041, South Africa
Telephone: (+27 11) 728-7240
Sponsor
Barnard Jacobs Mellet Corporate Finance (Pty) Limited
PO Box 62200, Marshalltown, 2107, RSA
Telephone: (+27 11) 750-0000
Auditors
Deloitte & Touche
Private Bag X6, Gallo Manor, 2052, South Africa
Telephone: (+27 11) 806-5000
ADR Programme - North America and Canada
The Bank of New York
101 Barclay Street, New York, NY 10286, USA
Telephone: (+1 212) 815-3326
Directors
RG Still^ (Chairman); TP Goodlace (Chief Executive Officer); CDS Needham
(Managing); AJ Laughland|^;
A Barrenechea*^; L Paton^; M Smith; P Chevalier**^
*Spanish **Belgium |British ^Non-executive
www.metorexgroup.com
END
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