This was due to the successful development of its flagship 100% owned Bauxite Hills Mine in north Queensland.
After completing a bankable feasibility study (BFS) supporting a multi-billion dollar operation, mining commenced in April 2018.
All 2018 bauxite production has been sold
As of early September 2018, all 2018 production from the Bauxite Hills Mine has been sold.
Most recently, Metro signed a new binding contract with China’s state-owned State Power Investment Corporation Aluminium and Electric Power Investment Co. Ltd (SPIC).
Metro’s Managing Director Simon Finnis said: “We are delighted to have finalised a new off-take agreement with SPIC, who have the capacity to be another long term off-take partner and to have successfully sold all of Metro’s planned 2018 production.
This year shipments will be made to five different Chinese customers confirming strong demand for Metro bauxite in China.
“We are experiencing particular interest from refineries located in the inland provinces where supply of domestic bauxite has been hindered by recent mine closures and environmental audits.
“Our product specifications are well suited to their processing requirements.”
Demand exceeds current availability
Finnis added: “Production at the Bauxite Hills Mine is steadily increasing, and we are confident of reaching production guidance for this year.
“Given current demand we are actively looking at ways to increase 2019 production above the current planned rates.”
Targeting 2 million tonnes of production in 2018
Metro began mining operations at its flagship project Bauxite Hills, 95 kilometres north of Weipa on western Cape York, in April this year.
The Brisbane-based company is ramping up strongly on its way to producing 2 million tonnes of bauxite for 2018.
Bauxite Hills has an estimated reserve of 92.2 million tonnes and total resources of 144.8 million tonnes and will deliver bauxite into China over a 17-year mine life.
At July 2018, Metro was on track to meet its production and shipping guidance of 1.965 to 2.075 wet metric tonnes for the calendar year 2018.
The company noted in August that bauxite mined and shipped in June quarter either exceeded or was at upper end of re-stated guidance of 1.98 to 2.075 wet metric tonnes.
Long life mine delivering into strong Chinese market