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03 SEPTEMBER 2018 AL CIRCLE

Metro Mining signs new binding contract with SPIC for delivery of 300 thousand tonnes of bauxite

EDITED BY : HEENA IQBAL 2MINS READ

Metro Mining Ltd has signed a new binding contract with China’s state-owned State Power Investment Corporation Aluminium and Electric Power Investment Co. Ltd (SPIC) for the delivery of 300,000 WMT (+/- 10%) of bauxite in calendar year 2018.The company said that the demand for Bauxite Hills ore exceeds Metro’s available bauxite.

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 Metro’s Managing Director Simon Finnis said; “We are delighted to have finalised a new off-take agreement with SPIC, who have the capacity to be another long term off-take partner and to have successfully sold all of Metro’s planned 2018 production.”

This year shipments will be made to five different Chinese customers confirming strong demand for Metro bauxite in China.”

“We are experiencing particular interest from refineries located in the inland provinces where supply of domestic bauxite has been hindered by recent mine closures and environmental audits. Our product specifications are well suited to their processing requirements.”

“Production at the Bauxite Hills Mine is steadily increasing, and we are confident of reaching production guidance for this year. Given current demand we are actively looking at ways to increase 2019 production above the current planned rates.”

Metro Mining said new biding contract is based on market pricing with typical bonus and penalty clauses associated with product specifications. The contract with SPIC follows the Memorandum of Understanding signed between Metro and SPIC in December 2017* and is considered a key step towards finalising a long-term off-take agreement with SPIC.


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EDITED BY : HEENA IQBAL 2MINS READ

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