Metorex
Encyclopedia
Metorex is a mining company based in Johannesburg
, South Africa.
It has assets in the Democratic Republic of the Congo
(DRC), Zambia
and elsewhere.
A recent takeover bid by the Jinchuan Group
of China valued the company at US$1.1 billion.
In the following years Metorex acquired additional properties mining a variety of minerals including gold, coal, asbestos, copper, zinc and tin. The mines were located in South Africa, Namibia and Zambia.
In December 1999 Metorex merged with Consolidated Murchison and listed on the JSE and LSE exchanges.
In the following years the company continued to expand through acquisition of new properties.
In 2004 Metorex entered into a joint venture to develop the Ruashi copper mine site in the DRC, and subsequently made substantial investments in this project.
In April 2011 Vale announced that it intended to offer to purchase Metorex at a price of R7,524 million.
This was topped by an offer by Jinchuan Group in July 2011 that valued the company at R9,112 million.
Jinchuan said it would treat Metorex as a strategic vehicle for expanding its mining presence in Africa.
In October 2011 the South African and Zambian competition authorities approved the bid, now worth US$1.1 billion, and the main Zambian and DRC investors approved the deal.
, the new Ruashi
copper and cobalt mine, and the Dilala East and Lubembe deposit greenfields sites.
In Zambia the company owns Chibuluma, a modern mechanised underground copper mine located near the town of Kalulushi
that produces copper concentrate to be sold to smelters.
Copper Resources Corporation is a subsidiary of Meterox.
As of November 2011 it held a 92.5% interest in the Hinoba-an Porphyry Copper project in the Philippines,
and a 75% interest in Miniere de Musoshi et Kinsenda (MMK).
MMK, formerly a subsidiary of Forrest Group, owned the flooded Kinsenda and Musoshi
copper mines in the Katanga Province
. MMK became a subsidiary of Copper Resources Corporation as of 30 November 2005.
Due to a Title Revisitation Process initiated by the DRC government, in February 2009 it was confirmed that the Musoshi mine would be returned to the state-owned Sodimico
.
MMK also holds the Lubembe high-grade deposit.
Johannesburg
Johannesburg also known as Jozi, Jo'burg or Egoli, is the largest city in South Africa, by population. Johannesburg is the provincial capital of Gauteng, the wealthiest province in South Africa, having the largest economy of any metropolitan region in Sub-Saharan Africa...
, South Africa.
It has assets in the Democratic Republic of the Congo
Democratic Republic of the Congo
The Democratic Republic of the Congo is a state located in Central Africa. It is the second largest country in Africa by area and the eleventh largest in the world...
(DRC), Zambia
Zambia
Zambia , officially the Republic of Zambia, is a landlocked country in Southern Africa. The neighbouring countries are the Democratic Republic of the Congo to the north, Tanzania to the north-east, Malawi to the east, Mozambique, Zimbabwe, Botswana and Namibia to the south, and Angola to the west....
and elsewhere.
A recent takeover bid by the Jinchuan Group
Jinchuan Group
Jinchuan Group Ltd. is a Chinese company based in Gansu. It produces the metals nickel, copper, cobalt, platinum, palladium, gold, silver and selenium. As of 2007 it has the capacity to produce 150,000 metric tons of refined nickel per year, producing 90% of China's output, and is the largest...
of China valued the company at US$1.1 billion.
History
The company was founded in 1975 by a consortium that included Anthony Simon Malone, and acquired Rand London Mines.In the following years Metorex acquired additional properties mining a variety of minerals including gold, coal, asbestos, copper, zinc and tin. The mines were located in South Africa, Namibia and Zambia.
In December 1999 Metorex merged with Consolidated Murchison and listed on the JSE and LSE exchanges.
In the following years the company continued to expand through acquisition of new properties.
In 2004 Metorex entered into a joint venture to develop the Ruashi copper mine site in the DRC, and subsequently made substantial investments in this project.
In April 2011 Vale announced that it intended to offer to purchase Metorex at a price of R7,524 million.
This was topped by an offer by Jinchuan Group in July 2011 that valued the company at R9,112 million.
Jinchuan said it would treat Metorex as a strategic vehicle for expanding its mining presence in Africa.
In October 2011 the South African and Zambian competition authorities approved the bid, now worth US$1.1 billion, and the main Zambian and DRC investors approved the deal.
Assets
Assets in the DRC include the existing Kinsenda MineKinsenda Mine
The Kinsenda Mine is a copper mine that is being opened in Katanga Province, Democratic Republic of the Congo.It is located near the Zambian border town of Kasumbalesa....
, the new Ruashi
Ruashi Mine
The Ruashi Mine is an open-pit copper and cobalt mine operated by Metorex that is located about from Lubumbashi in Katanga Province, Democratic Republic of the Congo....
copper and cobalt mine, and the Dilala East and Lubembe deposit greenfields sites.
In Zambia the company owns Chibuluma, a modern mechanised underground copper mine located near the town of Kalulushi
Kalulushi
Kalulushi is a town in the Copperbelt Province in north central Zambia. Municipal population 75,806 at the 2000 Census.It was established in 1953 as a company town for workers at the nearby Chibuluma copper and cobalt mine, and it became a public town in 1958...
that produces copper concentrate to be sold to smelters.
Copper Resources Corporation is a subsidiary of Meterox.
As of November 2011 it held a 92.5% interest in the Hinoba-an Porphyry Copper project in the Philippines,
and a 75% interest in Miniere de Musoshi et Kinsenda (MMK).
MMK, formerly a subsidiary of Forrest Group, owned the flooded Kinsenda and Musoshi
Musoshi Mine
The Musoshi Mine is an underground copper mine in the Katanga Province of the Democratic Republic of the Congo. The mineral rights are owned by the South African miner Metorex.-Resource:...
copper mines in the Katanga Province
Katanga Province
Katanga Province is one of the provinces of the Democratic Republic of the Congo. Between 1971 and 1997, its official name was Shaba Province. Under the new constitution, the province was to be replaced by four smaller provinces by February 2009; this did not actually take place.Katanga's regional...
. MMK became a subsidiary of Copper Resources Corporation as of 30 November 2005.
Due to a Title Revisitation Process initiated by the DRC government, in February 2009 it was confirmed that the Musoshi mine would be returned to the state-owned Sodimico
Sodimico
Sodimico is a state-owned mining company in the Democratic Republic of the Congo .-Early years:...
.
MMK also holds the Lubembe high-grade deposit.