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.
- 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.
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.
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