July 8, 2011 - Metorex, a South African-listed base metals miner with interests in the Central African Copper Belt received a $1.3 billion all cash offer from Jinchuan, China’s largest producer of nickel, cobalt and platinum group metals, as well as the one of the top three producers of refined copper. The bid tops a previous offer from Vale by 22%. The offer excluded Metorex’s shareholding in Sable Zinc Kabwe, which was to be sold to Glencore for R190 million. Metorex gave Vale eight days to match the offer. Metorex shareholders are expected vote July 22, 2011.

June 8, 2011 - Metorex has sold its Sable Zinc processing plant in Zambia for a “base price” of R190m, dealing with one of the issues that has delayed the proposed acquisition of the group by Brazilian resource giant Vale.  The disposal of Sable was one of the conditions precedent to the deal struck between Metorex and Vale on April 8, through which Vale made a cash offer of 735c per share for Metorex.  The offer is subject to approval by Metorex shareholders at an extraordinary general meeting, which will now be called for in terms of a circular to shareholders to be issued early next week.  One of the other conditions precedent was that all conditions had to be met or waived within 180 days from April 8.  Metorex chairperson Rob Still said: "The timetable has been delayed slightly so far by requirement to sell Sable at a price that added value for Metorex shareholders, as well as issues in complying with the new Companies Act.  “We are the first company to carry out a deal like this in terms of the new act and all the relevant players have had to familiarise themselves with the process.”

The terms of the sale of Sable to Glencore International are that the base price of R190m could be reduced by up to a maximum of R70m, should any potential liabilities affecting the operation be discovered.

July 28, 2006 - Zinc tailings at Metorex’s Zambian processing plant present a potentially rewarding and unforeseen opportunity for the JSE-listed mining group.  Metorex bought the Sable zinc processing plant in Kabwe, Zambia with the intention of converting it into a copper and cobalt plant to process ore from its Ruashi project in the Democratic Republic of Congo (DRC). This process is now complete.  Now high zinc prices have prompted the group to investigate the feasibility of processing zinc tailings left over by the previous owners. The zinc price has almost tripled in the past year, rising from just over $1,000 a tonne, to its current $3,230. This is not surprising since China, the world’s biggest consumer of zinc is experiencing economic growth of over 10%, according to official statistics.  As it is, Metorex bought the processing plant at what CEO Charles Needham describes as an incredibly cheap price. “There are a lot of tailings from the previous zinc processing facility. It is sitting on surface, the grades are attractive,” he told Mineweb in an interview Thursday.  Metorex is currently investigating the feasibility of the project. If viable, Needham reckons he could have a small float or leach circuit to extract zinc up and running within a year. “It’s there for the taking and we’d be crazy not to do it,” he said. The project’s payback time could be less than two years, he estimates.  Metorex is no stranger to zinc. It developed and mined the Maranda Zinc Mine at Tzaneen from brownfields to closure from 1990 to 2004 it had a project called Perkoa in Burkina Faso, which it sold in 2004, citing it as a non-core asset due to its location, logistical complexity and its marginality at the then ruling zinc price.  Meanwhile Metorex, which has exciting copper projects in Zambia and the DRC, is exploring further in the regions. The company will begin exploration work on its Chifupu project, which is south of its 15,000 tonne per annum Chibuluma deposit in Zambia.  Metorex, through its investment in Ruashi Mining Sprl. is also mobilizing drills on its Musonoi copper and cobalt project in the DRC and Needham says he hopes to get a good feel on that resource within six months. After that the group will begin exploration on its Sokoroshi I and II copper and cobalt projects, also in the DRC.  If exploration is successful, Metorex could have a very large exposure to the DRC, something Needham says he’s happy with. The country has skills, people, power and water, he says. But it’s incredibly poor and still plagued with political skirmishes. The DRC will hold elections this Sunday, with current president Joseph Kabila tipped as the favourite of 32 candidates.  On Friday morning Metorex released a trading update saying it expects to post headline earnings for the year ended June 30 2006 of between R0.43 and R0.51. At midday the share price remained unchanged on modest trade at R10.70.  Needham says the Ruashi I project should be at full capacity (10,000tpa of copper and 1,000tpa of cobalt) within three months. “Ruashi Phase II bankable feasibility study and funding arrangements are nearing completion, and the project development is being fast-tracked,” says Metorex in a statement to the JSE.