MD Simon Finnis updates on Metro's bauxite mining plans

Metro Mining MD Simon Finnis in a recent interview gave a detailed update on his company's upcoming bauxite mining development projects.

According to the interview excerpts, Metro Mining increased its Cape York Direct Shipping Ore (DSO) bauxite resource base to 65.3 million tonnes. An 11.7 million tonne (DSO) Indicated resource has been estimated.

Metro has made a takeover offer for fellow Sunshine State bauxite developer Gulf Alumina which has seen acceptances to date of 19.1% of Gulf’s shares on issue. Metro is in the process of transferring an additional 2.5 million Gulf shares to MMI.

A resulting combined company would boast a pro-forma market capitalisation of about A$42 million (prior to any re-rate), or more than double Metro’s current market cap of about $19 million.

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