Further re capital & debt restructuring programme

    METOREX LIMITED                                

                (Incorporated in the Republic of South Africa)                 

                     (Registration number 1934/005478/06)                      

                                 JSE code: MTX                                 

                              ISIN: ZAE000022745                               

                         ("Metorex" or "the Company")                          

 PROGRESS ANNOUNCEMENT REGARDING THE CAPITAL AND DEBT RESTRUCTURING PROGRAMME  
                  AND CONTINUATION OF CAUTIONARY ANNOUNCEMENT                  

 1. INTRODUCTION
   
Shareholders are referred to the detailed announcement dated 27 November 2008
regarding the capital and debt restructuring programme embarked upon by Metorex
("the Restructuring").

This announcement serves to provide an update to shareholders regarding the
Restructuring.

2. SUCCESFUL IMPLEMENTATION OF VARIOUS BANKING AGREEMENTS

The following financing and related agreements have become unconditional and
are in full force and effect:

  * the agreement governing the restructuring of approximately R2 billion of
    debt pertaining to the Ruashi project ("the Ruashi Debt"), as well as the
    accompanying repayment terms, The Standard Bank of South Africa Limited
    ("Standard Bank"), Export Credit Insurance Corporation Limited and other
    lenders' project finance facility;
   
  * the bridging finance facility of R300 million provided by Standard Bank
    ("the Bridging Finance Facility");
   
  * a term loan facility (which converts from the Bridging Finance Facility);
    and
   
  * the waiver by Standard Bank of certain of its rights in terms of the
    agreements pertaining to the Ruashi Debt in order to allow the successful
    implementation of the Restructuring and the above mentioned other financing
    agreements.
   
3. SUCCESFUL IMPLEMENTATION OF TRANCHE A CAPITAL RAISING

Metorex has raised approximately R258 million (before costs) in terms of the
first tranche ("Tranche A") of equity to be raised by Metorex, pertaining to
129 461 597 authorised but unissued shares and in respect of which a claw back
offer is to be extended to Metorex shareholders (as more fully set out in a
circular to be posted to Metorex shareholders in due course).

The subscription agreements entered into between Metorex and the Tranche A
subscribers have become unconditional and the net proceeds from the Tranche A
equity raising have been released to Metorex. No further approvals, other than
the requisite regulatory approvals, are required for the implementation of the
claw back offer.

Shareholders are referred to the announcement dated 4 December 2008 in respect
of further details pertaining to the claw back offer.

 4. CIRCULAR IN RESPECT OF TRANCHE B EQUITY RAISING
   
A circular to shareholders setting out the requisite information pertaining to
the proposed specific issue of shares for cash by Metorex, pursuant to the
second tranche equity raising ("Tranche B"), has been posted to shareholders on
1 December 2008.

Metorex will seek approval from its shareholders in respect of the Tranche B
equity issue on 23 December 2008.

 5. CONTINUATION OF CAUTIONARY ANNOUNCEMENT
   
Shareholders are referred to the further cautionary announcement dated 27
November 2008 and are advised that Metorex remains involved in negotiations
which may have an effect on the price of the Company's securities. Accordingly,
shareholders are advised to continue to exercise caution when dealing in the
Company's shares until a further announcement is made.

Johannesburg

4 December 2008

Corporate advisor, sole book-runner and lead sponsor on the JSE to Metorex

Barnard Jacobs Mellet Corporate Finance (Pty) Limited

Independent sponsor on the JSE to Metorex

Deloitte & Touche Sponsor Services (Pty) Limited

South African legal advisor to Metorex

Bowman Gilfillan Incorporated

South African legal advisor to Barnard Jacobs Mellet Corporate Finance (Pty)
Ltd

Cliffe Dekker Hofmeyr Inc.

United Kingdom legal advisor to Barnard Jacobs Mellet Corporate Finance (Pty)
Ltd

DLA Piper UK LLP

United Kingdom legal advisors to Metorex

Maclay Murray & Spens LLP

Investment Bank to Standard Bank and Bankers to Metorex

Standard Bank

South African legal advisor to the Standard Bank of South Africa Limited

Deneys Reitz Inc.

English Law legal advisors to the Standard Bank of South Africa Limited

Africa Legal



END
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