Metorex is a mining company based in

Johannesburg Johannesburg ( , , ; Zulu and xh, eGoli ), colloquially known as Jozi, Joburg, or "The City of Gold", is the largest city in South Africa, classified as a megacity, and is one of the 100 largest urban areas in the world. According to Dem ...

, South Africa. It has assets in the

Democratic Republic of the Congo The Democratic Republic of the Congo (french: République démocratique du Congo (RDC), colloquially "La RDC" ), informally Congo-Kinshasa, DR Congo, the DRC, the DROC, or the Congo, and formerly and also colloquially Zaire, is a country in ...

(DRC),

Zambia Zambia (), officially the Republic of Zambia, is a landlocked country at the crossroads of Central, Southern and East Africa, although it is typically referred to as being in Southern Africa at its most central point. Its neighbours are t ...

and elsewhere. A takeover bid by the

Jinchuan Group Jinchuan Group Ltd. (Chinese character, Chinese: 金川集团) 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 me ...

of China valued the company at US$1.1 billion. Since January 2012, the company is a wholly owned subsidiary of

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 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 Kalulushi is a town in the Copperbelt Province in north central Zambia. It is located on the M18 Road, just west of Kitwe. Municipal (district) population 75,806 at the 2000 census. Kalulushi emerged as a planned company town with the development ...

that produces copper concentrate to be sold to smelters. 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). 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 Sodimico (''Société de développement industriel et minier du Congo'') is a state-owned mining company in the Democratic Republic of the Congo (DRC). Early years Sodimico took over several mining properties from the Union Miniere du Katanga in ...

. MMK also holds the Lubembe high-grade deposit.

References

Companies based in Johannesburg Mining companies of South Africa {{SouthAfrica-company-stub