Metorex said that it has received a key approval in relation to its proposed takeover by China's Jinchuan group. It also gave an updated timeline for the conclusion of the transaction.

According to a statement issued by Metorex, China's Anti Monopoly Bureau of the Ministry of Commerce has given its consent to the deal. The statement said "Good progress has also been made on other People's Republic of China consents, as the Gansu Provincial SASAC has approved the transaction and the state NDRC is at the final stages in its review and approval of the scheme."

The three outstanding conditions precedents to the transaction comprise:

1. An exemption from the Zambian Securities and Exchange Commission from any obligation to make a mandatory offer to minority shareholders of Chibuluma in accordance with applicable Zambian laws and regulations

2. The remaining PRC Consents, including approvals by the NDRC and MOFCOM regarding acquisition of overseas assets

3. No material adverse change occurring

The parties said they expect the deal to be finalized on December 29th 2011. The last day to trade Metorex shares on the JSE to be entitled to the transaction's provisions would be January 6th 012, while trade in the company's shares would be January 9th 2011.

(Sourced from www.miningmx.com)