Australia’s Metro Mining Ltd. updated investors on the progress of the Bauxite Hills Project last week, noting that the mine is operating at anticipated levels to date.
Per the firm, September’s bauxite ore shipments totaled 822 thousand metric tons, bringing the mine’s total output since opening in April to 1.22 million wet metric tonnes. September’s total is over twice that of the entirety of the June quarter, or 399 thousand metric tons.
In addition, August saw record shipments as well, totaling 297 thousand metric tons. That month’s shipments put Metro Mining on a pace to ship 2.4 million wet metric tons by the year’s end.
To date, Metro Mining has shipped bauxite ore to five separate customers, all of whom reside in the People’s Republic of China. The firm says that feedback from its customers confirms the advertised quality of its ore, though due to its sale as a Direct Shipping Ore, the product has somewhat different handling characteristics.
Metro’s marketing of its product has been extremely successful as well, notes the firm. At present, the mine’s entire output for 2018 is spoken for, with better than 80 percent of next year’s haul already sold as well. Metro notes a strong interest from Chinese concerns, as the supply of local bauxite has dwindled due to mine closures.
Metro Mining’s managing director Simon Finnis said that the progress thus far bodes well for the firm’s fortunes as this year closes and the next begins.
“I am delighted to see how Bauxite Hills has gone through the ramp-up phase and into steady state production in such a short period. Given the strong demand currently being seen for Bauxite Hills product this provides an excellent platform to incrementally add to sales in 2019 and increase operational cashflow.”
Metro Mining is based in Brisbane, and began life when it was spun off from Cape Alumina Ltd. upon its takeover by MetroCoal Ltd in 2014. The firm has exploration rights in over 500 square miles of western Cape York, which is second to only Rio Tinto Alcan.