China smelter group agrees to lower Q1 copper charges
The charges tend to fall when ore supply declines and rise when more concentrate is available.
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.
