Trading Statement

RNS Number:4647U
Metorex Ld
21 January 2004


METOREX LIMITED

(Incorporated in the Republic of South Africa)

(Registration number 1934/005478/06)

Share code: MTX

ISIN code: ZAE000022745

Issuer code: MEMTX

("the company")


TRADING UPDATE


Shareholders are advised that, as previously indicated, the group's earnings and
headline earnings per share for the six months ended 31 December 2003 will be
substantially below those of the comparative period. It is anticipated that the
interim results for the six months ended 31 December 2003 will be published on
or about 19 February 2004, at which stage further details will be provided
regarding the company's results.


The group's earnings and headline earnings have not been reviewed or reported on
by the company's auditors and accordingly, shareholders are advised to exercise
caution when dealing in the company's securities on the JSE until the interim
results for the six months ended 31 December 2003 are published.


The recent increase in the base metal and gold prices and weakening of the Rand/
Dollar exchange rate will, if maintained, enhance group revenues and earnings in
the second half of the financial year ending 30 June 2004.


Shaft sinking at Chibuluma South has commenced with initial copper production
expected during June/July 2004 building up to full production twelve months
later.


Plant construction is progressing well at the new Middelburg Townlands project
with coal production from this colliery planned during May/June 2004.


Johannesburg

21 January 2004


Sponsor:

Barnard Jacobs Mellet Corporate Finance

(Pty) Limited


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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