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Metro Mining Ltd

Metro Mining unaffected by China refinery audits, working towards 75% more production in 2019

A refinery in China has been temporarily closed but it has no effect on Metro's business.

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Shares in the company last traded at 13.5 cents

Metro Mining Ltd (ASX:MMI) has addressed Chinese media reports related to environmental audits of off-take partner's aluminium refineries.

Bauxite is shipped from Metro's operating Bauxite Hills Mine in North Queensland to a refinery located in the coastal province of Shandong in China.

Metro notes that the refinery that has been impacted by the audit is in the Shanxi inland province of China, which is fed by bauxite 100% sourced from China.

As such, Metro is continuing to supply bauxite to its off-take partner Xinfa as planned under their long-term agreement.

READ: Metro Mining loading first 2019 shipments after resuming operations at Bauxite Hills

Metro's CEO and managing director Simon Finnis said: "Metro and Xinfa have formed a strong and mutually beneficial relationship over a number of years. We meet regularly to discuss ways to build on this sound footing, and we look forward to this partnership continuing to flourish as Bauxite Hills continues to deliver on its commitment to Xinfa.”

Metro has guided to 2019 calendar year bauxite production of 3.5 million wet metric tonnes (wmt), a 75% increase on 2018 production of 2.0 million wmt.

Quick facts: Metro Mining Ltd

Price: $0.12

Market: ASX
Market Cap: $166.19 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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