Brisbane’s Metro Mining Ltd announced yesterday that it has secured final environmental approval for operations at Bauxite Hills Mine.
Metro told investors yesterday that it now has all necessary environmental approvals in hand, which is a feat the firm accomplished in the relatively short time period of two years. The firm also notes the steadfast support it received by both government and private stakeholders along the way. Also of note is the fact that this not only paves the way for mining operations, it also satisfies key conditions of a recently-secured debt-financing agreement.
“We are delighted to have secured the final environmental approval for the Bauxite Hills Mine,” said Metro’s managing director Simon Finnis. “It is the culmination of an extensive environmental assessment and community consultation process and it allows Metro to continue to rapidly progress its mine development and construction plans.”
“Achieving this milestone within only 2 years is a credit to the hard work and expertise of the Metro team and demonstrates the strong support Metro has secured from all levels of local, state and federal government stakeholders,” he concluded.
According to Metro, the approvals allow a bauxite production of up to ten million metric tons per annum, which it expects to commence in approximately one year from the present. Approval of full production at Bauxite Hills Mine is now pending a decision from Metro’s full board.
Once the board approves of production, Metro expects to begin harvesting two million metric tons per annum, ramping up to a total of six million metric tons per annum over the initial four years of operation. Construction at the mine is slated to begin next month.
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.