MTX
MEMTX                                                                           
MTX - Metorex - Trading Statement                                               
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  College Hill                                   
Finance (Pty) Limited                                                           
Date: 26/02/2009 16:01:18 Produced by the JSE SENS Department.                  
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