Metro Mining Ltd (ASX:MMI) has revealed that major shareholder, BlackRock Group, has increased its equity position in the company by 16.2 million shares to 10.42%.
BlackRock increased its position through a number of on-market trades and now holds 134.7 million shares in the bauxite miner.
READ: Metro Mining ships first bauxite from mine destined for China
Earlier this week, Metro sent its first shipment of 62,000 tonnes of bauxite to China from its flagship Bauxite Hills Mine in northern Queensland.
The delivery is part of a four-year offtake agreement with Xinfa Group, one of China’s largest integrated aluminium companies.
Under the agreement, Metro will supply one million tonnes in the first year followed by two million tonnes for each of the following three years.