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Who’s flogging Metorex?

Metorex, which depends heavily on copper earnings, continues to be sold down by investors while dozens of other listed copper stocks around the world continue a dazzling upwards rip. On January 24 Metorex took the unusual step of publishing an announcement dealing specifically with the activity in, and decline of, the stock's share price. Investors were told that "the fundamentals of the Metorex Group have never been as positive or robust as they are at present, which has not been borne out in the recent decline in the share price". Over the past three weeks the Metorex stock price has been hammered once again, falling by more than any of 38 selected copper stocks listed around the world. Across the border, the Zambian government remains intent on extracting more taxes from its mainly copper mining sector, also creating a perception that investments in the country have been sold off. Equinox, with interests exclusively in Zambian copper (with a significant potential uranium byproduct), has posted a price gain of 24% in the past three weeks. First Quantum, which operates in both Zambia and the DRC, has posted a 22% increase in its stock price over the past three weeks….(read more)