Metro Mining planned to shutdown Bauxite Hills mine for wet season if further sales cannot be concluded in the next month. The company has not sold bauxite for 2020 outside the foundation Xinfa contract.
“Negotiations with refineries continue to advance, however no further bauxite has been sold for 2020 outside the foundation Xinfa contract,” the company said.
“It is likely the period of closure would extend from mid-September through to April 2021 when deliveries into existing Xinfa contract would recommence (2.3M WMT sold). However, the mine could reopen in 2020 if justified by further sales.”
“The strong operational performance in early 2020 has delivered robust cashflows leaving Metro in a good financial position.”
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The company produced and shipped 1,419k wet metric tonnes (WMT) and 1,251k WMT of bauxite for June quarter, representing record levels for the corresponding June quarter since operations commenced.
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