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Metro Mining confirms it is getting the job done at today’s AGM

The company mines and ships bauxite from its flagship Bauxite Hills mine in Queensland.

road train being filled with bauxite
Free-dig bauxite is mined by front-end loaders and trucked to a port infrastructure area

Metro Mining Ltd (ASX:MMI) chairman Stephen Everett and managing director and CEO Simon Finnis addressed shareholders today at its annual general meeting (AGM) in Brisbane.

The company took time to reflect on its successful transition from developer to operator, completed on time and within budget.

It also noted that bauxite production in 2018 went as planned laying a proof-of-operational-concept given production guidance was met even with external challenges such as weather.

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

Addressing the AGM, Stephen Everett said: “I think it is fair to say Metro is on its way!

“We shipped over 2 million tonnes of bauxite in 2018 and we have announced upgraded production guidance to 3.5 million tonnes for this year.

“Since the beginning of this year we have:

▪ Finalised works to upgrade the mine site and transhipping facilities and mobilised necessary equipment & personnel to enable us to meet the 3.5 million tonne production target;
▪ Progressed the review of the DFS for the expansion to 6Mtpa. I expect the DFS will be released in the June quarter; and
▪ Shipped (under often difficult weather conditions) over 350,000 wmt of ore."

2019 production guidance confirmed

Earlier this year, Metro increased 2019 production guidance by 17% from 3.0 million wet metric tonnes (wmt) to 3.5 million wmt.

The 2019 production expansion brings forward improvements and upgrades included in Stage 2 Expansion, which aims to deliver 6.0 million wmt per annum steady-state by 2021.

The DFS for this expansion is expected to be released during this June quarter and epectations are for Stage 2 capex to be funded from internal cash flow and/or debt.

The company has also pleasingly already sold 75% of 2019 production.

Chinese bauxite imports at record level

China bauxite imports continue to increase with total 2018 imports exceeding 82 million wmt and 2019 is on track for  over 90 million wmt.

This is being driven by strong demand from inland Chinese refineries coupled with domestic bauxite supply being impacted by resource depletion, recent mine closures and environmental audits.

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

Quick facts: Metro Mining Ltd

Price: 0.14 AUD

ASX:MMI
Market: ASX
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

3 min read