Metro Mining has executed two additional binding offtake agreements for sales in 2018 and 2019.
|Metro’s Bauxite Hills Mine. Image courtesy ©Metro Mining|
Approximately 90 per cent of Metro’s planned 2018 production has now been either sold or contracted for sale, along with 80 per cent of its 2019 production. Sales have been made into Henan Province (inland China) where supply of domestic bauxite has been hindered by recent mine closures, with shipments made to four Chinese customers, including foundation customer Xinfa.
The two new offtake agreements entered are for a total of 780,000 (+/- 10%) tonnes. Of this, 580,000 (+/- 10%) tonnes are for shipments in 2018 and the remainder is, at the option of Metro, either 2018 or 2019.
Metro Mining Managing Director Simon Finnis said the agreements were another step in building the acceptance of Metro bauxite and getting a stronger foothold in the Chinese market.
“These agreements are particularly pleasing as 2018 is now largely covered to a number of different customers, and we’ve started to sell material for next year. It demonstrates the strong demand for our bauxite in the Chinese market and supports our growth and marketing strategy.”
According to the company, the mine continues to perform well with all commissioning issues resolved, and production continuing to increase month on month.”
Metro Mining Limited is an Australian exploration and mining company based in Brisbane, Queensland.
Metro’s flagship project, the Bauxite Hills Mine, located 95 kilometres north of Weipa is one of the largest independent projects within the internationally acclaimed Weipa Bauxite Region.
The Bauxite Hills Mine has an estimated Reserve of 92.2 million tonnes (Mt) and total Resources of 144.8 million tonnes (Mt).