Metro Mining reports improved bauxite production and shipment in September 2019 quarter

Metro Mining has release its Quarterly Activities Report for the September quarter 2019. Total Bauxite mining for the Quarter stood at 1,420K WMT and the miner shipped 1,415K WMT. Both the numbers registered record levels since operations commenced. The Bauxite Hills Mines has registered month on month increase in mining and shipping levels. The entire bauxite production in September Quarter 2019 was shipped to Chinese customers.  Approximately 2.3M WMT of 2019 production will be sold under the long–term off-take to Xinfa.

September Quarter shipments exceeded budget by 13. Metro Mining remains on track to meet its 2019 production and shipping guidance of 3.3-3.5M WMT. For the first three quarters of 2019, the miner produced 2.3 WMT of bauxite compared to 2.3 WMT of bauxite in the whole year of 2018. Total shipment in the first three quarters stood at 2.25WMT.

The miner reported Sales Revenue (net) of A$79.5M and site EBITDA of A$22.3M.  The miner reported average bauxite price of A$56.22 per WMT with an average margin of A$15.77/WMT in this quarter. The miner also reported continued improvement in onsite operating costs. The underlying site unit costs for the Quarter were A$18.62/WMT. Transhipping activities are currently benefitting from good weather conditions and seasonal high tides which is likely to continue till the end of 2019. Metro’s available cash on hand and receivables as at 30 Sept 2019 was A$43.5M compared with A$29.5M in June quarter.

Metro Mining also announced results from the Definitive Feasibility Study (DFS) for Stage 2 expansion, which confirmed significant economic benefits of expanding to an annualised rate of 6.0M WMT by 2021.

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