Join our daily newsletter At The Bell to receive exclusive market insights
- Metro Mining (MMI) completes loading of the final vessels to conclude 2021 contractual commitments of 3.1 million wet metric tonnes (WMT) of bauxite
- Tonnage loaded in January and February is around 300,000 WMT
- The resulting net financial position is sufficient for Metro to proceed to its planned wet season shut down and conduct the scheduled maintenance program
- Metro aims to restart loading during the first week of April weather permitting
- Shares in Metro Mining were trading down 3.23 per cent at 3 cents
Bauxite miner Metro Mining (MMI) has completed loading the final vessels to conclude its 2021 contractual commitments of 3.1 million wet metric tonnes (WMT).
Its tonnage loaded in January and February was about 300,000 WMT.
Metro Mining Managing Director and CEO Simon Wensley said the company has learned a great deal about wet season operation in far north Queensland which it will factor into planning into the coming year.
“Metro made a deliberate decision to continue loading into the wet season to meet our customer commitments and expectations after earlier loading was impacted by weather, COVID-19 and supply chain issues,” said Mr Wensley.
“I want to pay tribute to the combined Metro and TSA team who have worked safely and in tough conditions to meet our customer commitments and maintaining the reputation that we will do what we say we will do.”
The resulting net financial position is sufficient for Metro to proceed to its planned wet season shut down and conduct the scheduled maintenance program.
Metro aims to restart ship-loading during the first week of April if weather permits.
The company says the $5 million short-term bridging facility agreed with Greenstone Resources and Lambhill and announced last December will not be drawn down.
Metro’s flagship project, the Bauxite Hills Mine, 95km north of Weipa is one of the largest independent projects within the internationally acclaimed Weipa Bauxite Region.
Shares in Metro Mining were trading down 3.23 per cent at 3 cents.
