Diversified miner Metorex has announced that it is set to enter the platinum sector with the acquisition of a platinum producer.

The company has revealed it is set to take a 100 per cent holding in Phoenix Platinum as well as its subsidiary, Phoenix Platinum Mining, in a deal worth in the region of £7.92 million.

Metorex hopes the deal will give it some leverage in the platinum market and will provide a foothold for the company in the South African platinum mining sector, where Phoenix Platinum Mining is based.

Charles Needham, Chief Executive of Metorex, commented: "This acquisition will not only provide the Metorex group with income from an additional commodity (platinum) but it represents a strategic entry into the platinum industry."

Metorex currently owns interests in gold, copper, cobalt and fluorspar projects.

Sources:

Acquisition by Metorex of 100% of Phoenix Platinum Limited (Phoenix UK), 7/12/07
http://www.metorexgroup.com/downloads/sens/2007-1207_AcquisitionPhoenix.pdf

Metorex to acquire Phoenix Platinum, 7/12/07
http://business.iafrica.com/news/711129.htm

Ÿ Adfero Ltd