Shareholders are referred to the announcements and the circular to shareholders dated Tuesday, 2 August 2011 (“Circular”) relating to the scheme of arrangement proposed by the Metorex Board in terms of section 114(1)(c) of the Companies Act, No 71 of 2008, as amended (“Act”), and the separate offer to the holders of options under Metorex’s employee share incentive schemes whereby Jinchuan will acquire the entire issued share capital of Metorex (collectively the “Offer”). Terms defined in the Circular bear the same meanings herein unless otherwise stated.

Shareholders are referred to the circular to shareholders dated Tuesday, 2 August 2011 (“Circular”) relating to the scheme of arrangement proposed by the Metorex Board in terms of section 114(1)(c) of the Companies Act, No 71 of 2008, as amended, and the separate offer to Option Holders and are further referred to the update announcement published on the Securities Exchange News Service on Thursday, 24 November 2011. Terms defined in the Circular bear the same meanings herein unless otherwise stated.

Shareholders are referred to the circular to shareholders dated Tuesday, 2 August 2011 (“Circular”) relating to the scheme of arrangement proposed by the Metorex Board in terms of section 114(1)(c) of the Companies Act, No 71 of 2008, as amended, and the separate offer to Option Holders and are further referred to the update announcement published on the Securities Exchange News Service on Monday, 14 November 2011.

Shareholders are referred to the circular to shareholders dated Tuesday, 2 August 2011 (“Circular”) relating to the scheme of arrangement proposed by the Metorex Board in terms of section 114(1)(c) of the Companies Act, No 71 of 2008, as amended, and the separate offer to Option Holders and are further referred to the update announcement published on the Securities Exchange News Service on Wednesday, 2 November 2011. Terms defined in the Circular bear the same meanings herein unless otherwise stated.

Shareholders are referred to the circular to shareholders dated Tuesday, 2 August 2011 (“Circular”) relating to the scheme of arrangement proposed by the Metorex Board in terms of section 114(1)(c) of the Companies Act, No 71 of 2008, as amended, and the separate offer to Option Holders and are further referred to the update announcement released on the Securities Exchange News Service on Tuesday, 4 October 2011.

Shareholders are referred to the circular to shareholders dated Tuesday, 2 August 2011 (“Circular”) relating to the scheme of arrangement proposed by the Metorex Board (“Scheme”) in terms of section 114(1)(c) of the Companies Act, No 71 of 2008, as amended, and the separate offer to Option Holders. Terms defined in the Circular bear the same meanings herein unless otherwise stated.

Terence Goodlace, Chief Executive Officer said: “It is pleasing to report record quarterly copper production at Metorex and at Ruashi in particular where, despite power restraints, the mine produced 9 438 tons of copper and 913 tons of cobalt.

Metorex is pleased to announce the completion of the disposal of its 100% interest in Sable, with effect from 22 September 2011, to a subsidiary of Glencore International plc for a cash consideration of R190 million (“the Sable Disposal”).

Terence Goodlace, Chief Executive Officer said: “Metorex has continued to improve operational performance and deliver positive cash flows. Comprehensive due diligence work has provided a Kinsenda copper mine feasibility study and preliminary works and the ordering of long lead time items has commenced. Copper prices remain resilient and the Jinchuan offer remains on track with shareholders having now voted to accept the offer of R8,90 per share”.

Metorex shareholders (“Shareholders”) are advised that at the general meeting of Shareholders held on 2 September 2011, the ordinary and special resolutions contained in the circular to Shareholders, dated 2 August 2011 (“Circular”), and tabled for voting, were passed by 98.6 percent of the votes cast on the resolutions.

In terms of the JSE Limited Listings Requirements, companies are required to publish a trading statement as soon as they are reasonably certain that the financial results for the current reporting period will differ by more than 20% from those of the previous corresponding period.

A scheme of arrangement in terms of section 114(1)(c) of the Companies Act proposed by the Metorex Board between Metorex and its Shareholders, in terms of which, if implemented, Jinchuan SubCo will acquire all of the Scheme Shares from Scheme Participants for a cash consideration of R8.90 per Metorex Share;

Metorex shareholders (“Shareholders”) are referred to the joint announcement of a firm intention by Jinchuan Group Limited (“Jinchuan”) to make a cash offer, either directly or through a direct or indirect wholly-owned subsidiary,

Metorex shareholders (“Shareholders”) are referred to the joint announcement of a firm intention by Jinchuan to make a cash offer to acquire the entire issued and to be issued share capital of Metorex ("Jinchuan Offer").

Metorex shareholders (“Shareholders”) are advised that at the general meeting of Shareholders held on 22 July 2011, the ordinary and special resolutions contained in the circular to Shareholders, dated 17 June 2011, and tabled for voting, were voted down by the requisite majority of Shareholders present or represented by proxy.

Ruashi copper production for the six months was in line with plan other than for grid power interruptions in the DRC during May and June 2011. Chibuluma continued to perform well and for the six months copper production was marginally lower than that reported in December 2010.

Metorex shareholders (“Shareholders”) are referred to the joint announcement of a firm intention by Jinchuan Group Limited (“Jinchuan”) to make a cash offer to acquire the entire issued and to be issued share capital of Metorex ("Jinchuan Offer") . . .

UPDATE REGARDING THE SCHEME OF ARRANGEMENT PROPOSED BY THE BOARD OF DIRECTORS OF METOREX (“BOARD”) PURSUANT TO THE OFFER BY VALE S.A. (“VALE”) TO ACQUIRE THE ISSUED AND TO BE ISSUED SHARE CAPITAL OF METOREX (“VALE OFFER”)

JOINT ANNOUNCEMENT OF A FIRM INTENTION BY JINCHUAN TO MAKE AN OFFER TO ACQUIRE THE ENTIRE ISSUED AND TO BE ISSUED ORDINARY SHARE CAPITAL OF METOREX (“JINCHUAN FIRM INTENTION ANNOUNCEMENT”) AND WITHDRAWAL OF CAUTIONARY ANNOUCEMENT

Rob Still, Chairman of Metorex, said: “The receipt of a Firm Intention from Jinchuan to make a cash offer of R8.90 per share to Metorex shareholders marks a significant step in this ongoing process.

THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION

Metorex shareholders (“Shareholders”) are referred to the joint announcement published by Metorex and Vale S.A. on SENS on 8 April 2011 and in the press on 11 April 2011 regarding the terms on which Vale S.A., through a wholly‐owned subsidiary (“Vale Africa”), would make a cash offer (the “Offer”) to acquire the entire issued and to be issued share capital of Metorex (the “Shares”).

Metorex shareholders (“Shareholders”) are advised that the board of directors of Metorex (the "Board") has received an unsolicited, non‐binding expression of interest from a bona fide party (the "Alternate Party") to acquire the entire issued share capital of Metorex.

Metorex shareholders ("Shareholders") are advised that at the Annual General Meeting of the Company held on 15 June 2011, all the ordinary and special resolutions contained in the Notice of Annual General Meeting and tabled for voting, were passed by the requisite majority of Shareholders present or represented by proxy.

The Annual Report for the 18 month period ended 31 December 2010 was issued to shareholders on 11 May 2011 and contained, as usual, the notice of today’s Annual General Meeting, as well as a comprehensive report back to you, the shareholders, on the activities, results and strategies of your Company. We hope that you found it useful and informative.

Johannesburg, 8 June 2011 -- Metorex, a focussed base metals mining group, listed on the JSE Limited, is pleased to announce that it has entered into an agreement (“Agreement”) with a subsidiary of Glencore International plc (“Glencore”) to dispose of the entire issued share capital of Sable and any shareholder loans owing by Sable to Metorex to Glencore.

Metorex shareholders (“Shareholders”) are referred to the joint announcement of a firm intention by
Vale S.A., through a wholly-owned subsidiary (“Vale”), to make an offer to acquire the entire issued and
to be issued ordinary share capital of Metorex (“Vale Offer”) published on the Securities Exchange News
Service (“SENS”) of the JSE Limited (“JSE”) on 8 April 2011 and published in the South African press on
11 April 2011 (“Firm Intention Announcement”).

Shareholders are advised that the audited annual financial statements for the 18 months ended 31 December 2010 as contained in the annual report were distributed to shareholders by registered post on 11 May 2011.

Metorex commissioned a Corporate Carbon Footprint (“CCF”) analysis to establish a baseline of energy usage and greenhouse gas emissions.

Metorex is pleased to announce the appointment of Nicholas James as its new Chief Operating Officer with effect 1 May 2011.

Shareholders are referred to the directors’ dealing announcement published on SENS on 8 April 2011 (“Directors’ Dealing Announcement”) which followed the joint firm intention announcement published on SENS (“Firm Intention Announcement”) earlier that day.

The board of directors of Metorex (the “Board”) and the board of directors of Vale S.A. are pleased to announce that they have agreed the terms on which Vale S.A., through a wholly-owned subsidiary (“Vale”) will make a cash offer (the “Offer”) to acquire the entire issued and to be issued ordinary share capital of Metorex (the “Shares”) which, if implemented, would result in Vale becoming the registered and beneficial owner of the Shares.

March quarterly production highlights:

- Copper production up by 8% to 13,344 tons
- Cobalt production up by 10% to 1,041 tons
- Ruashi copper and cobalt production increases by 20% and 10% respectively

Over the past two years Metorex has implemented a mineral resource and ore reserve estimation process that is managed in a conservative, consistent manner and conforms to international standards. This implementation is good corporate governance and best practice and was initiated to de-risk existing operations and growth projects and in so doing enhance the technical inputs into the business. Over the past twelve months the Group has escalated exploration and associated project activity to increase confidence in the growth projects and ensure reporting is in full compliance with SAMREC.

Metorex the focused base metals mining company, announces the resignation of Darryll Castle the Company's Chief Operating Officer with effect from 30 April 2011. Darryll has decided to pursue a career elsewhere and the Company wishes him well with his new endeavour. We thank him for his valuable contribution over the past two years.

Shareholders are advised that Metorex has entered into discussions which, if successfully concluded, may have a material effect on the price of the Company’s securities.

Accordingly, shareholders are advised to exercise caution when dealing in the Company’s securities until a full announcement is made or this cautionary is withdrawn.

Highlights for the 6 months ended 31 December 2010

- Copper production up 5 percent to 26 358 tons
- Cobalt production up 26 percent to 2 021 tons
- Mining profit up 111 percent to R851 million
- Adjusted HEPS up 152 percent to 32 cents
- Net debt further reduced to R416 million
- Well positioned to advance growth projects with a high degree of technical due diligence

Shareholders are referred to the announcement released on SENS on Tuesday, 1 March 2011 regarding the reviewed provisional results of the Company for the 18 months ended 31 December 2010 (“Results Announcement”).

In terms of the JSE Limited Listings Requirements, companies are required to publish a trading statement as soon as they are reasonably certain that the financial results for the current reporting period will differ by more than 20% from those of the previous corresponding period.

Following the merger of Moore Stephens MWM Inc. and BDO South Africa Inc. ("BDO"), Metorex shareholders are advised that the Company has changed its company secretary to Statucor (Proprietary) Limited, a BDO Group company, with immediate effect.

Terence Goodlace, Chief Executive Officer said: “It is pleasing to report that Metorex increased copper and cobalt production for the six months ended December 2010. This increase was despite the previously reported transformer challenges at Ruashi during the December 2010 quarter which adversely affected copper and cobalt production. The current market for copper remains positive and prices remain buoyant.”