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Metro Mining gets green light from state government for $47.5 million finance facility

Queensland Treasury has notified Metro of the State Government’s “No Veto” decision for the previously announced loan facility from the Northern Australia Infrastructure Facility.

Metro Mining Ltd - Metro Mining gets green light from state government for $47.5 million finance facility
This is one of the last key milestones to reach financial close of the facility

Metro Mining Ltd (ASX:MMI) has been advised by the Queensland Treasury that the State Government will not exercise its veto right regarding the Metro Mining Bauxite Hills Mine Expansion proposal.

Background

In late 2019, the Northern Australia Infrastructure Facility (NAIF) announced an investment decision to offer a Loan Facility of up to $47.5 million for Metro’s Bauxite Hills Mine stage 2 expansion to 6 million wet metric tonnes per annum.

A key condition precedent (CP) for the loan was the Queensland Government’s consideration of the project and its agreement for the approved funds to be advanced.

This is one of the last key milestones for the facility and Metro is now well advanced in satisfying all remaining CP’s and reaching financial close of the facility.

Critical for Metro’s growth

Stage 2 expansion is a critical part of Metro’s medium to long term growth.

The $47.5 million facility will fund the construction and mobilisation of a floating terminal as part of the stage 2 expansion.

Metro managing director and chief executive officer Simon Finnis said: “We were pleased to secure the loan offer from NAIF and delighted the Queensland State Government has supported our expansion plans which will greatly benefit our stakeholders in Northern Australia – the purpose of NAIF.

“I would like to acknowledge the support we received from our Federal and State Members of Parliament and Ministers.

“We also received considerable assistance from NAIF and State Treasury officers. It has been a most professional experience.

“Metro’s Bauxite Hills Mine is now back in operation for 2020 and we’re hopeful for another successful operational year.”

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