[miningmx.com] — South African miner METOREX LIMITED on Monday raised its copper and cobalt reserve estimates, pushing up its shares around 3%.
Shares in Metorex were up 2.95% at R6.64, compared with a 0.26% rise in Johannesburg’s All-share index.
“Group copper mineral reserves have increased by 3% due to exploration and changes in the reserve cut-off grade,” the miner said.
“There has been a 49% increase in the contained cobalt mineral reserves as a result of the application of a bimetallic, copper equivalent cut-off grade at Ruashi.”
Metorex said extension and infill drilling at its Ruashi copper mine in the Democratic Republic of the Congo will continue during the 2011 financial year, and is likely to add incremental tonnes and confidence to the Ruashi oxide resource.
The company is focusing on converting the inferred resources for its Kinsenda, Lubembe and Dilala East projects into the indicated and measured category to derisk the ventures.
Metorex said in March that with a busy project pipeline and potential for other brownfields expansion, it seeks to more than double its current annual copper production of about 50 000 tonnes.
