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Metro Mining delivers consistent revenues for Bauxite Hills mine on Cape York

Snapshot

Its shares were up 8% during intraday trading this morning after signalling yesterday it was likely to meet annual guidance again at its restarted operation.

Metro Mining Ltd - Metro Mining delivers consistent revenues for flagship Bauxite Hills mine on Cape York

Quick facts: Metro Mining Ltd

Price: 0.14 AUD

ASX:MMI
Market: ASX
Market Cap: $193.89 m
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  • Bauxite Hills Mine in Far North Queensland is the Brisbane-based company’s lead asset. 
  • Metro also has other bauxite assets on Cape York.
  • Revenue-generating Metro is expecting a positive conclusion to the latest operating season. 

The mining and shipping results are now consistently performing at or above our budget requirements; reflecting enhanced operational knowledge and experience.  

Metro Mining managing director and CEO Simon Finnis

What does Metro Mining do?

Metro Mining Ltd (ASX:MMI) (FRA:6ME) is a bauxite miner in Far North Queensland.

The Queensland company mines and ships bauxite out of its Bauxite Hills Mine on Cape York, producing guidance statements and regularly reporting its production results.

Brisbane-based Metro tipped a strong finish to its 2019 operating season in reporting this week after starting the Weipa bauxite province operation last year and revamping its operating measures this year.

The five-year-old Cape York miner started with a contract miner in place then moved to managing its own operation to draw on in-house assets such as a barge loading facility.

Who leads Metro Mining?

The growth company is led by managing director and CEO Simon Finnis, a career mining professional with more than 30 years’ industry experience.

Finnis previously led the Grand Cote Operations in Senegal as its chief executive officer and was past managing director of Global Resources Corporation Limited.

He comes from an operations manager background at a variety of companies.

These include the Pooncarie Mineral Sands Project and redevelopment of the Gold Ridge Mine in the Solomon Islands.

What does Metro Mining own?

The key asset is the 1,900 square kilometre Bauxite Hills Mine in Far North Queensland

Bauxite Hills is located on Western Cape York, 95 kilometres from Weipa.

The bauxite project has a 109.5 million tonne ore reserve and 138.2 million tonnes of total resources.

Metro called go on a start to mining at the operation in April 2018.

The project met guidance in calendar year 2018, shipping 2 million tonnes to five companies domiciled in China.

The company’s 2019 guidance is a 3.0Mtpa to 3.5Mtpa range.

Things are looking good for hitting the target, with MD Simon Finnis saying yesterday, “The mining and shipping results are now consistently performing at or above our budget requirements; reflecting enhanced operational knowledge and experience.

“I anticipate a strong finish to the 2019 operating season and Bauxite Hills remains on track to meet the production and shipping guidance of 3.3-3.5 million wmt.”

October shipments were 504,000 wet metric tonnes (wmt), taking calendar year-to-date shipments to 2.756 million wmt.

Inflection points

  • November 2019 mining and shipping production updates in December 2019
  • December 2019 mining and shipping production updates and notice on guidance about January 2019
  • Planning for 2020 and continued production and guidance updates during the year
  • Annual results reporting about April 2020, with annual general meeting about May 2020
  • Significant transactions and financial milestones
  • Bauxite industry sentiment and thermal coal sentiments

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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

3 min read