Metorex hits record with 15% increase in quarterly copper production

Metorex Limited (JNB:MEMTX) reached a new high in quarterly copper output, with production rising by 15% to 15,202 tons. Cobalt output rose by 11% to 942 tons.

Johannesburg-based Metorex said the biggest increase came from the Sable mine, where copper production nearly tripled (+195%)  to 1,483 tons from 502 tons in the previous quarter. CEO Terence Goodlace called the results “pleasing,” noting  that the top-producing mine, the Ruashi mine in the  DRC, produced 9,483 tons of copper and 913 tons of cobalt despite power constraints — a 14% increase from the previous quarter.

Metorex is slated for takeover by Chinese group Jinchuan, which made a R9.1 billion offer in July.

Goodlace said the Jinchuan transaction is proceeding on schedule.