The Australian bauxite mining company Metro Mining has posted a loss of A$29.4 million for H1 2022 and as a result of poor weather conditions in Far North Queensland, production expectations have been marginally decreased for the entire year.
Throughout 2022, Metro has experienced bad weather, with output also being negatively affected in May and June.
Even so, Metro has taken proactive steps to reduce "uncertainty and volatility" by signing new freight contracts and foreign exchange agreements.
Additionally, the company is planning to increase the capacity of the Bauxite Hills operation from 4Mt to 7Mt per annum, subject to financing.
Simultaneously, the H1 2022 report showcases Metro Mining had improved figures from the previous period when the miner suffered an A$87 million loss.
The Bauxite Hills Mine, Metro's flagship project 95 km north of Weipa, is among the most significant independent projects within the internationally acclaimed Weipa Bauxite Region.
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