Metro Mining Announces Regarding First Revenue Received and Ramp-Up Activities

Metro Mining Ltd announced the receipt of sales revenue and successful arrival in China of the first two shipments, totaling approximately 123kt of bauxite. Metro is also pleased to provide an update on ramp-up activities at the Bauxite Hills Mine.

Highlights

  • First two shipments to Xinfa have arrived in China
  • Sales revenue (provisional payment) from those vessels has been received
  • Attractive sales price achieved based on high alumina prices
  • Operational ramp-up accelerating with ship loading rates continuing to increase
  • Three vessels successfully shipped to date and fourth vessel loading underway
  • First spot sale finalised and discussions ongoing with other customers for further sales

First Shipment & First Revenue

The first shipment on board the bulk carrier Spring Oasis was recently delivered to Metro’s foundation and long term off-take partner, Xinfa at the Port of Qingdao, China.

Official celebrations commenced at the Xinfa head office in Chiping, Shandong Province on Saturday 19 May, and continued at the port, where the ship was officially met by Xinfa Chairman, Zhang Gang, Metro Chairman, Stephen Everett and senior Xinfa and Metro executives on Sunday 20 May.

Xinfa is one of China’s largest integrated aluminium companies, with significant refining and smelting operations in Shandong, Shanxi, Guangxi and Xinjiang Provinces.

Ramp-Up Activities

Following a delayed start to operations in mid-April 2018, due to an extended wet season and a site evacuation in response to Tropical Cyclone Nora, Metro is pleased to advise that ramp-up activities at the Bauxite Hills Mine are accelerating, with commissioning issues being steadily resolved and a number of planned operational improvements being implemented.

Mining and barge loading rates are continuing to trend higher, with bauxite loaded from site to ship now averaging over 6,000 tonnes per day. The transhipment process has performed in line with expectations, with no operational issues recorded.


Disclaimer

The advice given by Kalkine Pty Ltd and provided on this website is general information only and it does not take into account your investment objectives, financial situation or needs. You should therefore consider whether the advice is appropriate to your investment objectives, financial situation and needs before acting upon it. You should seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) as necessary before acting on any advice. Not all investments are appropriate for all people. Kalkine.com.au and associated websites are published by Kalkine Pty Ltd ABN 34 154 808 312 (Australian Financial Services License Number 425376). The information on this website has been prepared from a wide variety of sources, which Kalkine Pty Ltd, to the best of its knowledge and belief, considers accurate. You should make your own enquiries about any investments and we strongly suggest you seek advice before acting upon any recommendation. Kalkine Pty Ltd has made every effort to ensure the reliability of information contained in its newsletters and websites. All information represents our views at the date of publication and may change without notice. To the extent permitted by law, Kalkine Pty Ltd excludes all liability for any loss or damage arising from the use of this website and any information published (including any indirect or consequential loss, any data loss or data corruption). If the law prohibits this exclusion, Kalkine Pty Ltd hereby limits its liability, to the extent permitted by law to the resupply of services. There may be a product disclosure statement or other offer document for the securities and financial products we write about in Kalkine Reports. You should obtain a copy of the product disclosure statement or offer document before making any decision about whether to acquire the security or product. The link to our Terms & Conditions has been provided please go through them and also have a read of the Financial Services Guide. On the date of publishing this report (mentioned on the website), employees and/or associates of Kalkine Pty Ltd do not hold positions in any of the stocks covered on the website. These stocks can change any time and readers of the reports should not consider these stocks as advice or recommendations.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s