Metorex

Last updated

Metorex
Type Subsidiary
JSE: MTX (1999-2011) [1]
Industry Mining
Founded1975
Headquarters Johannesburg, South Africa
Key people
John Ferreira, CEO
Owner Jinchuan Group
Website www.metorexgroup.com

Metorex is a mining company based in Johannesburg, South Africa. It has assets in the Democratic Republic of the Congo (DRC), Zambia and elsewhere. [2] A takeover bid by the Jinchuan Group of China valued the company at US$1.1 billion. Since January 2012, the company is a wholly owned subsidiary of Jinchuan Group.

Contents

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. [3]

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. [3] Jinchuan said it would treat Metorex as a strategic vehicle for expanding its mining presence in Africa. [4] 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. [5]

Assets

Assets in the DRC include the existing Kinsenda Mine, 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. [2]

Copper Resources Corporation is a subsidiary of Metorex. 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). [6] 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. [7] 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. [8] MMK also holds the Lubembe high-grade deposit. [6]

Related Research Articles

<span class="mw-page-title-main">First Quantum Minerals</span> Canada based mining company

First Quantum Minerals is a Canadian-based mining and metals company whose principal activities include mineral exploration, development and mining. Its main product is copper, which accounts for 80% of revenues as of 2016.

<i>Union Minière du Haut-Katanga</i> Belgian mining company

The Union Minière du Haut-Katanga was a Belgian mining company which controlled and operated the mining industry in the copperbelt region in the modern-day Democratic Republic of the Congo between 1906 and 1966.

<span class="mw-page-title-main">Gécamines</span> Congolese commodity and mining company

La Générale des Carrières et des Mines (Gécamines) is a Congolese commodity trading and mining company headquartered in Lubumbashi, in the Katanga region of the Democratic Republic of Congo. It is a state-controlled corporation founded in 1966 and a successor to the Union Minière du Haut-Katanga. Gecamines is engaged in the exploration, research, exploitation and production of mineral deposits including copper and cobalt.

<span class="mw-page-title-main">Eurasian Natural Resources Corporation</span>

Eurasian Natural Resources Corporation PLC (ENRC) was a public, Kazakhstan/Central African-focused, multinational leading diversified natural resources company headquartered in London, United Kingdom. It had activities in integrated mining, processing, energy, logistics and marketing.

<span class="mw-page-title-main">Mining industry of the Democratic Republic of the Congo</span>

The mining industry of the Democratic Republic of the Congo produces copper, diamonds, tantalum, tin, gold, and more than 63% of global cobalt production. Minerals and petroleum are central to the DRC's economy, making up more than 95% of value of its exports.

Frontier Mine is a copper mine in Katanga Province, Democratic Republic of the Congo (DRC) owned and operated by ERG. The resource was first mined by First Quantum Minerals. The mine has an annual capacity of 370,000 tonnes of sulphide concentrate containing 27% copper.

Copper mining in the Democratic Republic of the Congo mainly takes place in the Copper Belt of the southern Katanga Province of the Democratic Republic of the Congo.

<span class="mw-page-title-main">Kambove mines</span>

The Kambove mines are a group of active or abandoned copper mines near Kambove in the Democratic Republic of the Congo. They were originally established by the Union Minière du Haut-Katanga under Belgian rule.

Mutoshi Mine is a copper mine in Katanga Province, Democratic Republic of the Congo. As of 2011 it was 70% owned by Anvil Mining and 30% by the state-owned Gécamines. The mine was placed on care and maintenance in late 2008.

The Ruashi Mine is an open-pit copper and cobalt mine operated by Metorex that is located about 10 kilometres (6.2 mi) from Lubumbashi in Katanga Province, Democratic Republic of the Congo. The project includes a plant to concentrate the ore from the Ruashi and Etoile mines, and a modern solvent extraction electrowinning (SX-EW) processing plant. As of 2008, annual capacity was estimated to be 10,000 tonnes of copper and 1,000 tonnes of Cobalt.

The Etoile Mine is an open-pit copper mine on the outskirts of Lubumbashi in Katanga Province of the Democratic Republic of the Congo (DRC). Chemaf owns the license. Chemaf is 95% owned by Shalina Resources and 5% by the DRC government.

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.

<span class="mw-page-title-main">Luiswishi Mine</span>

The Luiswishi mine is an open cut copper and cobalt mine in Katanga Province of the Democratic Republic of the Congo (DRC).

<span class="mw-page-title-main">Dikuluwe Mine</span>

The Dikuluwe Mine is a copper and cobalt mine near to Kolwezi in Lualaba Province of the Democratic Republic of the Congo. Dikuluwe is the westernmost of the Dima Pit group, with Mashamba West and Mashamba East. The quarry was opened in 1975 and was planned to be connected to the nearby Mashamba West pit. The combined Dikuluwe and Mashamba West deposits are now run by La Sino-Congolaise des Mines SA (Sicomines), a joint venture majority owned by a Chinese consortium, with Gécamines holding a minority stake.

Africo Resources was a Canadian mining company whose main property is the copper and cobalt Kalukundi Mine in Katanga Province, Democratic Republic of the Congo. A majority of the company was acquired by Camrose Resources Limited in 2016.

<span class="mw-page-title-main">Central African Mining and Exploration Company</span>

The Central African Mining and Exploration Company plc (CAMEC) was a mining company active in the Katanga Province of the Democratic Republic of the Congo (DRC) and in other parts of Africa. It was acquired by Eurasian Natural Resources Corporation in 2009.

Dan Gertler is an Israeli billionaire businessman in natural resources and the founder and president of the DGI group of companies. He has diamond and copper mining interests in the Democratic Republic of the Congo (DRC), and has invested in iron ore, gold, cobalt, oil, agriculture, and banking. He may also hold citizenship of that country. As of 2022 his fortune was estimated at $1.2 billion by Forbes.

Sodimico is a state-owned mining company in the Democratic Republic of the Congo (DRC).

Camrose Resources Limited (Camrose) was a company owned by Dan Gertler, an Israeli businessman, the founder and President of the DGI Group of Companies. Camrose's other assets included a "64% stake in Canada listed Africo Resources which held a 75% interest in the Kalukundi Mine's exploitation licence as well as a 56% indirect interest in Comide Sprl, which held the exploitation licence for Mashitu, Pangalume and Kii tenements."

<span class="mw-page-title-main">Katanga Supergroup</span>

The Katanga Supergroup is a Neoproterozoic sequence of geological formations found in central Africa. The formation is well-studied for its rich stratiform copper-cobalt deposits mined extensively in from the Central African Copperbelt in Zambia and the Democratic Republic of the Congo. Particularly rich outcrops of the Roan Group of the supergroup occur in eastern Katanga Province of the Democratic Republic of the Congo where open-pit copper mining has occurred.

References

  1. ↑ "Metorex to delist from JSE in early December". MINING.COM. 2 August 2011. Retrieved 14 August 2022.
  2. 1 2 "OPERATIONS AND NEW PROJECTS". Metorex. Archived from the original on 2 November 2011. Retrieved 5 November 2011.
  3. 1 2 "History". Metorex. Archived from the original on 2 November 2011. Retrieved 3 November 2011.
  4. ↑ Brendan Ryan (16 August 2011). "Jinchuan lays out strategy for Metorex". MiningMX. Archived from the original on 7 October 2011. Retrieved 5 November 2011.
  5. ↑ "S.Africa, Zambia approve Metorex-Jinchuan deal". Reuters. 4 October 2011. Archived from the original on 3 March 2016. Retrieved 5 November 2011.
  6. 1 2 "Copper Resources Corporation". Bloomberg. Archived from the original on 22 July 2013. Retrieved 5 November 2011.
  7. ↑ "Miniere Musoshi Kinsenda". Business Week. Archived from the original on 22 July 2013. Retrieved 3 November 2011.
  8. ↑ "SECTION 12 EXECUTIVE SUMMARY OF THE COMPETENT PERSONS' REPORT AND VALUATION STATEMENT OF METOREX GROWTH PROJECTS IN THE DEMOCRATIC REPUBLIC OF THE CONGO" (PDF). Metorex. 1 January 2010. Archived from the original (PDF) on 25 April 2012. Retrieved 8 November 2011.


This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.