Metorex ( Pty ) Ltd
The mining company based in South Africa with assets in Zambia and the Democratic Republic of Congo is buoyed up for growth following take-over by Chinabased Jinchuan
Workers at the Chibuluma Mine which produces approximately 19,000 tons of Copper in the form of concentrate
Johannesburg-based mining company Metorex has launched a multi-million dollar investment programme with an ambitious goal of reaching a target of producing 250,000 tonnes of copper a year in 10 years ’ time .
Following its takeover by Chinese mining company Jinchuan in 2012 , this established midtier mining group , which is a US $ 400 plus million revenue business with assets in both Zambia and the Democratic Republic of Congo ( drc ), is very much on the expansion path .
The company has immediate projects in hand which are set to take the current annual copper production rate of 55,000 tonnes a year to 80,000 tonnes in the next 18 months and then exceed 100,000 tonnes within five years .
These projects are coupled with a strategic plan aimed at creating greater efficiencies within the company ’ s supply chain which is centred at its South African headquarters .
Mike Benfield , Chief Financial Officer , said : “ Our target is that in 10 years ’ time we will be producing 250,000 tonnes of copper a year .
“ That is a lofty target that we have set ourselves but we believe we will achieve this through a combination of developing the projects and deposits that we have in our current portfolio and by acquisition with the backing of our Chinese parent company , Jinchuan Group International Resources , which is listed on the Hong Kong Stock Exchange .”
80 September 2014