logo-loader

Metro Mining on target to commence bauxite mining in April

Published: 12:39 23 Feb 2018 AEDT

project site
Industry dynamics appear to be working in Metro’s favour

Metro Mining Ltd (ASX:MMI) is on track to commence mining operations at its Bauxite Hills Project in April 2018.

The project spans a large tenement package of 1800 square kilometres in the Cape York region of Queensland.

READ: Metro Mining expected to generate underlying earnings of $2.5 billion from Bauxite Hills

Metro Mining is forecast to generate underlying earnings of $2.5 billion from the Bauxite Hills Project over a 17-year mine life.

The initial capital costs for the project is $35.8 million, and the mine life is 17 years with a payback period of less than two years.

READ: Metro Mining signs new offtake for Queensland bauxite mine

The company has signed offtake deals with high profile customers, including two China-based entities for 13.5 million tonnes in the first four years of production.

Industry dynamics appear to be working in Metro’s favour with some Chinese producers having to close mines due to environmental issues.

Price movements have indicated this trend with domestic bauxite prices in China’s Henan Province increasing circa 40% to RMB500 per tonne between 2016 and 2017.

New chief financial officer and company secretary appointed

In some recent management changes, Duane Woodbury has been appointed interim chief financial officer.

Woodbury has more than 20 years’ experience in the resources sector across various financial, commercial, banking and treasury roles both in Australia and overseas.

Metro has appointed Amy Treble, a chartered accountant, to the position of company secretary.

Woodbury and Treble replace the outgoing Scott Waddell.

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

11 hours, 46 minutes ago