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”)

Metorex shareholders (“Shareholders”) are referred to the joint announcement of a firm intention by Jinchuan to make an offer to acquire the entire issued and to be issued share capital of Metorex published on the Securities Exchange News Service of the JSE Limited on 5 July 2011 and in the press on 6 July 2011 (“Jinchuan Offer”) wherein Shareholders were informed of the opportunity for Vale to match or better the terms of the Jinchuan Offer (such offer if made, an “Amended Vale Offer”).

The Board has received written notice from Vale that it does not intend to submit an Amended Vale Offer and has proposed that the termination of the implementation agreement entered into between Vale and Metorex on 8 April 2011 (“Vale Implementation Agreement”), subject to receipt by Vale from Metorex of the break fee provided for in the Vale Implementation Agreement, being an amount of R75 240 000 (“Vale Break Fee”).

The Board will convene shortly to consider its position with respect to the Vale Offer and the Jinchuan Offer.Shareholders will be advised of developments in due course.

Johannesburg

11 July 2011

Lead financial advisor and investment bank to Metorex: Standard Bank

Joint financial advisor and transaction sponsor to Metorex: One Capital

Legal advisor to Metorex: Cliffe Dekker Hofmeyr