Metro Mining conducts AGM; Chinese bauxite imports at record level

Metro Mining conducted its Annual General Meeting (AGM) on Thursday, 23 May 2019. The company’s Chairman Stephen Everett and Managing Director and Chief Executive Officer Simon Finnis addressed shareholders at AGM in Brisbane, Queensland.

Metro’s gross profit from the Bauxite Hills Mine for the financial year ended 31 December 2018 stood at $9.6 million and group profit before tax was $2.19 million.

Metro Mining shipped over 2 million tonnes of bauxite in 2018 and met production guidance for the year. The company announced upgraded production guidance to 3.5 million tonnes for 2019.

Addressing the AGM, Stephen Everett said: I think it is fair to say Metro is on its way!

“Since the beginning of this year we have:

▪ Finalised works to upgrade the mine site and transhipping facilities and mobilised necessary equipment & personnel to enable us to meet the 3.5million tonne production target

▪ Progressed the review of the DFS for the expansion to 6Mtpa. I expect the DFS will be released in the June quarter

▪ Shipped (under often difficult weather conditions) over 350,000 WMT of ore.”

Metro has already sold 75% of 2019 expanded production. The company has completed low capital cost improvements to support expansion.

According to Metro Mining’s report, China imports continue to increase with total 2018 imports exceeding 82 million WMT, and 2019 is on track for 90 million WMT.  Strong demand from inland Chinese refineries - domestic bauxite supply has been impacted by resource depletion, recent mine closures and environmental audits.

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