Trading Statement

 
TIDMMTX 
 
METOREX LIMITED 
 
(Incorporated in the Republic of South Africa) 
 
(Registration number 1934/005478/06) 
 
Share code: MTX 
 
ISIN: ZAE000022745 
 
Issuer code: MEMTX 
 
("Metorex" or "the Company" or "the Group") 
 
 
TRADING STATEMENT 
 
Shareholders are advised that management's expectation for the company's 
earnings for the six months ended 
31 December 2008 compared with those of the prior comparative period, are as 
follow: 
 
  * EBITDA between R450 million and R500 million (31 December 2007 - R538 
    million). 
 
  * Basic earnings between 40 cps and 45 cps (31 December 2007 - 83 cps). 
 
  * Headline earnings between 45 cps and 55 cps (31 December 2007 - 54 cps). 
 
  * Weighted average number of shares in issue increased by 13% to 379 million 
    from 335 million. 
 
Shareholders are advised that the EBITDA includes profit on the closure of the 
over-hedged copper position in Ruashi of R210 million. The comparative EBITDA 
and earnings per share to December 2007 included a R158 million profit on the 
reverse acquisition of Pan African Resources plc. 
 
Earnings for the period were significantly affected by a 35% reduction in the 
average copper price achieved. 
 
The Ruashi Phase II operations are still being capitalised during its 
commissioning and production ramp-up phase. 
 
During the reporting period, the Group experienced increases in its unit costs 
of production as a result of the commodity boom. Those increases have 
subsequently declined significantly, following the dramatic meltdown in global 
activity. 
 
The financial information for the period ended 31 December 2008 has not been 
reviewed or reported on by the Company's auditors. It is anticipated that the 
result for the period ended 31 December 2008 will be published on 3 March 2009. 
 
Johannesburg 
 
26 February 2009 
 
Sponsor                                 Public relations adviser: 
 
Barnard Jacobs Mellet Corporate Finance College Hill 
(Pty) Limited 
 
 
 
END