Metro Mining Ltd

Metro Mining upgrades Bauxite Hills reserve after first year mining

The increase in reserve is largely due to the conversion of existing resources.

aerial view of Bauxite Hills mine
Current resource base of 138.2 million tonnes

Metro Mining Ltd (ASX:MMI) has revealed an updated reserve and resource for its Bauxite Hills mine in Far North Queensland following the first year of mining.

Notably, the company has achieved an 18.8% increase in reserves from 92.2 million tonnes to 109.5 million tonnes.

Metro managing director and chief executive officer Simon Finnis said: “We are pleased to report the increase in Reserve, effectively extending the mine life of Bauxite Hills, and the greater level of confidence in the total Resource.

“There has been strong reconciliation from the results of mining to date and the Resource and Reserve model. The results of this update demonstrate our increased confidence in the project.”

READ: Metro Mining continues to ramp-up production and shipping from Bauxite Hills Mine

The total reserve estimate for Bauxite Hills is now 109.5 million tonnes (wet) and takes into account depletion to March 2019 and additional conversion of resources.

The overall increase in reserves (taking into account depletion by mining) is 17.3 million tonnes or 18.8% from that published in March 2017.

Importantly, this has the potential to extend mine life by about three years to 2037, at the expanded run rate of 6 million tonnes per annum.

READ: Metro Mining new offtake deal takes sales of 2019 bauxite production to 90%

The total measured resource is now 78.1 million tonnes (dry), representing a 42.8% increase of the measured category from that published in March 2017, reflecting greater levels of confidence in the resource.

There has also been a slight improvement in alumina and silica grades.

Quick facts: Metro Mining Ltd

Price: $0.12

Market: ASX
Market Cap: $166.19 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Metro Mining Ltd named herein, including the promotion by the Company of Metro Mining Ltd in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

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

2 min read