viewMetro Mining Ltd

Metro Mining’s production and shipments at Bauxite Hills Mine continue despite challenges

The planned June quarter production is already sold and the shipping schedule has been finalised.

Metro Mining Ltd -
Proposed floating terminal for stage 2 expansion (representative image)

Metro Mining Ltd (ASX:MMI) had a great year in 2019 achieving budgeted sales of 3.5 million tonnes and reducing site based operating costs at the Bauxite Hills Mine on Western Cape York by 15% year on year.

This helped the company achieve a gross profit of $25.97 million and a net profit of $3.62 million for 2019. Metro ended the year with net cash of $32.54 million.

The company’s partnering contractors and workforce have performed well over the wet season and the subsequent start-up of operations for 2020.

Metro’s first shipment sailed on April 19 2020 and the company achieved an above budget mining rate for April with production tracking above budget since.

The company is continuing to ship products under its existing contract with Xinfa. The planned June quarter production is sold, and the shipping schedule is finalised.

Metro is also continuing to negotiate with several potential new and existing customers.

Stage 2 expansion

Work has been completed on engineering and design work related to the stage 2 expansion to an annual operating production rate of 6 million wet metric tonnes.

However, the formal commitment to stage 2 is being influenced by the uncertainty for global growth and the current associated weakness in aluminium and alumina prices.

Metro is looking for more clarity post the Covid-19 crisis before committing to the stage 2 expansion.

At this time, the completion of stage 2 is not expected to occur prior to the second half of 2021.

Production next year is, therefore, likely to be between 4 to 5 million wet metric tonnes rather than the previous guidance of 6 million tonnes.

Quick facts: Metro Mining Ltd

Price: 0.065 AUD

Market: ASX
Market Cap: $90.36 m

Add related topics to MyProactive

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


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...


Metro Mining's Simon Finnis updates as it prepares to make first 2020...

Metro Mining Ltd's (ASX:MMI) Simon Finnis speaks to Proactive's Andrew Scott soon after announcing the first ship for the 2020 operational year has arrived at Skardon River and loading has commenced. This shipment is the first this year to foundation customer Xinfa who will purchase about 2...

on 16/4/20

2 min read