- Metro Mining (MMI) has successfully mined and shipped over 3.5 million tonnes in 2019
- Production finished on December 23 after the company loaded its 56th and final vessel for the year
- The mine has only been in operation for two years, making this achievement quite significant
- Metro has ended the day up a slight 1.79 per cent with shares trading for 14.3 cents apiece
Metro Mining (MMI) has successfully reached the upper end of guidance for the year with just over 3.5 million tonnes mined and shipped.
In December, the company saw the Bauxite Hills Mine complete production for the year after loading its 56th and final vessel for 2019.
“It is extremely pleasing that we’ve achieved our production guidance for the year, meaning Bauxite Hills has done that for its first two years of operations, something that is not easy, and an achievement our team should be rightfully proud of,” Managing Director and CEO Simon Finnish said.
The Bauxite Hills Mine is located 95 kilometres north of Weipa on Western York where Metro holds a total tenement package covering approximately 1900 square kilometres.
It has an estimated ore resource of 109.5 million tonnes and total resources of 138.2 million tonnes.
Mining operations began in April 2018 and in its first year of operations, Metro shipped two million tonnes to five different Chinese companies.
Metro has also completed a definitive feasibility study for stage 2 expansion of annual production to 6 million tonnes per annum by 2021.
The company will also further explore its tenement holdings on Cape York, initially focusing on near-mine opportunities for Bauxite Hills.
Metro has ended the day up a slight 1.79 per cent with shares trading for 14.3 cents apiece in a $194.4 million market cap.