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224,000 km's is not high mileage. The thing about your problem is that we don't know where the noise is coming from. If it's the timing chain, I would recommend changing the tensioner and chain. You can have a mechanic check it for stretch.
The M111 double row chain usually lasts longer, but it depends on the oil change history.
As to tranny, is a five speed or four speed? Has it been serviced properly during it's life? In North America, our 1997 models only came with the 722.6 five speed automatic.
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