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Metro Mining achieves guidance, ships over 2 million tonnes bauxite in 2018

Bauxite production is expected to increase 75% to 3.5 million tonnes in 2019.

worker in front of piles of bauxite
Mining will also no longer be contracted out and be brought in-house in 2019

Metro Mining Ltd (ASX:MMI) has achieved its production guidance for 2018 shipping 2.037 million wet metric tonnes from its Bauxite Hills mine in north Queensland.

As planned, the 33rd and final vessel for 2018 completed loading on the 28 December and has departed for China.

Notably, despite Cyclone Owen’s December impact, 220,000 tonnes of bauxite was still loaded this month.

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Metro’s managing director and CEO Simon Finnis said: “This is a great result for Metro; not only have we achieved guidance for 2018 in our first operational year, but we’ve done so after our operations have twice been interrupted by cyclones, at either end of the operating year.

“It is testament to our dedicated people on site that they’ve maintained focus and achieved our goals.”

Mining to be taken in-house

Metro has also decided to transition to owner-operator for the mining operation, and as a result has terminated the mining services agreement with SAB Mining.

With mining and shipping complete for 2018 and the wet season beginning, Metro will recommence operations in April 2019.

Metro expects no disruptions to operational activities from this change and has already commenced transitioning to the owner-operator model.

Finnis added: “Now that we’ve commissioned and ramped up the project during 2018, it is a natural transition to own and operate our mining equipment.

Increasing to 3.5 million tonnes production in 2019

“We have an excellent management team in place at the mine that is eminently capable of managing the mining function, so we see this as a logical step to increase efficiencies and reduce operating costs as we increase production to 3.5 million tonnes in calendar year 2019.”

Quick facts: Metro Mining Ltd

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ASX:MMI
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Market Cap: $193.89 m
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Metro Mining lifts production guidance for 2019 by 17%, Stage 2 DFS update...

Metro Mining Ltd (ASX:MMI) managing director & CEO Simon Finnis updates Proactive Investors on quarterly results, with a focus on increasing production levels from the Bauxite Hills Mine in northern Queensland, Australia. The company is currently working on an updated definitive...

on 8/2/19

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