Metro Mining Ltd releases quarterly update on Bauxite Hills Project shipments

According to a press update from Metro Mining, in mid-September, Bauxite Hills shipped its one millionth tonne of ore since the commencement of operations in April 2018 representing an excellent operational achievement.By the end of September total shipments stood at 1.22 million wet metric tonnes.

Total September quarter shipments totalled 822,000 tonnes, more than double the amount shipped in the June quarter (399,000t). Record bauxite shipments of 297,000 tonnes in August raised the full year shipment guidance to 2.4WMT. Bauxite was shipped to five different Chinese customers including Metro’s foundation customer, Xinfa Aluminium.  The quality of bauxite as confirmed by their clients is similar to the bauxite mined from the Weipa region. 

Metro remains on track to meet its 2018 (calendar year) production and shipping guidance of 1.980M – 2.075M WMT.

Commenting on the update, Metro’s Managing Director and Chief Executive Officer Simon Finnis said: “I am delighted to see how Bauxite Hills has gone through the ramp-up phase and into steady state production in such a short period. Given the strong demand currently being seen for Bauxite Hills product, this provides an excellent platform to incrementally add to sales in 2019 and increase operational cash flow”.

Being fully sold for 2018 and already +80% sold for 2019, the company already had a bullish marketing position. In particular, Metro is expecting strong demand from refineries located in inland Chinese provinces where supply of domestic bauxite dropped due to environmental audits and mine closures.