Metro Mining closes 2024 with 5.7M WMT! Here’s a 15-month sprint report with vision for upcoming 21 months

With an ESG vision of serving the market with low-cost bauxite and delivering long-term benefits to stakeholders, Queensland-based Metro Mining has set its sights higher for its 2025 bauxite shipment target. The confidence to aim higher stems naturally from the company’s strong performance in 2024. Although it narrowly missed its annual shipment target by a few percentage points, the final figure still marked a record-breaking achievement.

Financial performance analysis ’24

Despite a prolonged wet season that delayed the start of operations and adverse weather in December that forced the cancellation of the final vessel in the shipping schedule, Metro successfully delivered a record 5.7 million WMT from the Bauxite Hills Mine in 2024.

The company continued to benefit from a tight global bauxite market, with average delivered prices in FY24 up 32 per cent year-on-year. During the year, Metro commissioned key expansionary infrastructure, increasing the mine’s capacity to 7 million WMT. These assets include the Ikamba Offshore Floating Terminal (OFT), two 90m barges, two additional tugs to support transhipment operations, and a newly commissioned wobbler screening circuit designed to boost material throughput and improve wet-weather resilience.

Metro also focused on strengthening its balance sheet. In the first half of FY24, it secured a USD 20 million funding package and completed a USD 45 million equity raise involving institutional and retail investors. These funds supported operations during the extended wet season, enabled commissioning of expansion assets, and facilitated principal debt repayments on shareholder loans.

In November 2024, Metro refinanced its senior debt and private royalty held by Nebari Natural Resources Credit Fund I, LP and II, LP. The refinancing achieved a lower interest rate, increased borrowing capacity, and deferred capital repayments to July 2025.

There was no income tax expense for the period. The Group recorded tax losses of USD 22 million and capital losses carried forward of USD 2.26 million.