GOLD 1214.06 $/ozChange: -2.20
PLATINUM 1274.00 $/ozChange: -14.00
R/$ exchange 11.20Change: 0.08
R/€ exchange 14.16Change: 0.09
We have detected that the browser you are using is no longer supported. As a result, some content may not display correctly.
We suggest that you upgrade to the latest version of any of the following browsers:
close notification
powered by
Advanced Search
Most Popular Articles
Metorex increases stake in Copper Resources
Embed Code Close
3rd April 2009
Text Smaller Disabled Text Bigger

JOHANNESBURG ( – JSE-listed mid-tier miner Metorex now owns 87,1% of the Aim-listed Copper Resources Corporation (CRC), the company announced on Friday.

Metorex recently subscribed for an additional 246,58-million shares in CRC through the conversion of its loan. However, as a consequence of the disenfranchisement of the Central African Mining & Exploration Company's interest in CRC, Metorex had an effective economic interest in CRC of 99,99%.

Metorex had extended loans of about $29,5-million to CRC as at January 31, 2009.

The conversion of a portion of this loan into equity resulted in Metorex holding over 87% of the enlarged issued share capital of CRC. The offer for subscription was not underwritten.

The Metorex board of directors believed that the opportunity to own 87% of CRC allows for further potential value creation for its shareholders.

Edited by: Mariaan Webb


To subscribe to Mining Weekly's print magazine email or buy now.

FULL Access to Mining Weekly and Engineering News - Subscribe Now!
Subscribe Now Login