Metro Mining secures A$47.5 million loan facility for Bauxite Hills expansion project

Metro Mining Limited has received a loan facility from Northern Australia Infrastructure Facility (NAIF) for Stage 2 Expansion of the Bauxite Hills Mine north of Weipa on Eastern Cape York.

The facility is for up to A$47.5 million provided through a loan for up to 9 years. The funding would be used for the construction and mobilisation of a Floating Terminal at Skardon River. Once the expansion is complete, the production will increase to 6 million Wet Metric Tonnes (WMT) per annum by 2021.

Metro Mining Managing Director and Chief Executive Officer, Simon Finnis, said: “We are very pleased to have secured the support of NAIF in providing a long-term loan to provide financing for the Stage 2 Expansion. Bauxite Hills will be a significant contributor to the economy of Northern Australia and a large employer from the surrounding communities for many years to come.

With the Stage 2 DFS complete and financing secured, we are now awaiting completion of the final design of the Floating Terminal in order to be in a position to present to the Board for final approval”.

Ms Amanda Copping, NAIF Acting CEO, said: “This commitment to Metro Mining Limited is further demonstration that NAIF funding is supporting economic and social development in Northern Australia particularly Queensland. Metro has an established track record of providing employment opportunities in the Cape York region.”