Metro Mining Limited (ASX:MMI) is an Australian exploration and mining company based in Brisbane, Queensland.
Metro’s flagship project, the Bauxite Hills Mine, located 95 kilometres north of Weipa is one of the largest independent projects within the internationally acclaimed Weipa Bauxite Region. The company holds a total tenement package covering approximately 1,800 square kilometres on Western Cape York.
The Bauxite Hills Mine has an estimated Reserve of 92.2 million tonnes (Mt) and total Resources of 144.8 million tonnes (Mt). Mine construction is largely complete with mining operations scheduled for April 2018. A Bankable Feasibility Study (BFS) for the Bauxite Hills Mine was released on 15 March 2017 (see ASX Announcement here)
Metro Mining also holds one of Australia’s largest thermal coal resources in Queensland’s Surat Basin.
Plans and Latest Development:
“Metro is increasing 2019 Calendar Year production to 3.5 million Wet Metric Tonnes (WMT) – up from 2 million WMT in 2018. Metro has also commenced updating its DFS for potential Stage 2 expansion of annual production to 6.0M WMT pa by 2021. The DFS will be completed in Q2 2019. Metro continues to focus marketing and sales activities to inland Chinese provinces where supply of domestic bauxite has been considerably depleted. In the past year Metro has shipped to five different Chinese customers. Further exploration of tenement holdings, focusing initially on near mine opportunities, is also underway.”
Why should investors invest in you?
Cape York bauxite is well known and highly regarded in China. In its first year of operations, Metro achieved its 2018 production guidance shipping 2.037 million Wet Metric Tonnes (WMT) to five different Chinese companies and generated sales revenue in excess of A$115 million. Metro is expanding its operation in the 2019 calendar year production and is anticipating producing 3.5M WMT. This is being driven by strong demand from inland Chinese refineries where supply of domestic bauxite has been hindered by resource depletion, mine closures and stringent Government environmental audits. Metro has also commenced an updated DFS for potential Stage
US $156.83 million
Board of Directors:
- Stephen Everett – Chairman More than 40 years Board and Management experience in the resources and construction industries in Australia and overseas.
- Simon Finnis – Managing Director & CEO Experienced Executive with 30-year career in underground and open cut mining.
- Mark Sawyer – Non-Executive Director Senior Partner at Greenstone Capital LLP and co-founder of Greenstone Resources LP private equity fund.
- Philip Hennessy – Independent Non-Executive Director Extensive experience in all aspects of corporate financing and company reconstruction. KPMG Queensland Chair for 13 years.”