UPDATE 1-Metorex copper output up, to sell ops to raise cash

* Copper output up 0.5 pct in March qtr, cobalt up 92 pct

* Received cash offer for 15 pct of Vergenoeg mine

* Still looking to sell assets to raise cash

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JOHANNESBURG, May 11 (Reuters) - South African miner Metorex (MTXJ.J) increased its copper and cobalt production during the quarter to end-March, but will continue to dispose of assets to fare in the global economic downturn, it said on Monday.

Copper production during the three months rose by 0.5 percent to 7,316 tonnes, while sales of the mineral rose by 1.7 percent to 7,534 tonnes.

Output of cobalt increased by 92 percent to 165 tonnes, but sales declined due to timing differences.

Metorex said it had received a cash offer from a Black Economic Empowerment (BEE) company for a 15 percent equity interest in the Vergenoeg fluorspar mine.

Condition to a due diligence review and the necessary regulatory approvals, the transaction should become finalised in early June 2009.