Australia’s Metro Mining Ltd. updated its investors on the company’s just-ended second quarter yesterday.
In the second quarter, Metro mined 445 thousand wet metric tons of bauxite ore, over half of which (245 thousand metric tons) was extracted in the month of June alone. Metro shipped 399 thousand wet metric tons of that total to buyers in the quarter, and again, over half of that total was accomplished in the quarter’s last month.
On a per-day basis, both mining and shipping increased dramatically as the quarter progressed. In April, which was a partial month due to a cyclone, Metro mined 2,768 wet metric tons per day, ramping up to 5,194 wet metric tons in May, then jumping to 8,167 wet metric tons in June.
Metro’s shipping rate began the quarter in the cyclone-shortened month of April by shipping 2,700 wet metric tons per day, almost doubling in May to 4,844 wet metric tons per day, then jumping again in June to 7,133 wet metric tons per day.
Metro’s ship-loading rates continue to rise as well, with the sixth and most recent ship loaded in a blistering 7.1 days.
All things considered, the company says it is on track to meet its 2018 production and shipping guidance of 1.965 to 2.075 million wet metric tons.
Metro’s Managing Director and CEO Simon Finnis expressed pride at the company’s progress in the quarter, especially considering the conditions the company faced early on.
“While it was a challenging start to the quarter, I am extremely proud of how the site team and our contract partners responded to resolving issues as they arose. All aspects of the operation have finished the quarter performing strongly, and I look forward to the project reaching targeted operating rates during the September quarter.”
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.