Metro Mining (ASX:MMI) has achieved record bauxite production and shipping from its flagship Bauxite Hills Mine in Far North Queensland during the November and early December period.
The $82.93 million market capitalisation company says as of 13 December, it has produced and shipped 4.51 million wet metric tonnes (WMT) of bauxite to customers since April 2023.
This means the company has achieved the lower end of its sales guidance of 4.5 million to 5 million WMT for the 2023 operating season. In November alone, Metro shipped a record 697,000 WMT, and several daily outputs achieved the company’s 7-million-WMT-per-annum expansion rate targeted for 2024.
However, Metro notes that Tropical Cyclone Jasper, which is currently impacting North Queensland, is causing wind and wave effects in the Gulf of Carpentaria, therefore resulting in the company temporarily suspending transhipping activities.
Metro also notes its marine contractor has mobilised a marine fleet into the Skardon River for safety. Meteorological forecasting predicts unacceptable transhipping conditions will continue for a further 4 to 6 days.
In the interim, the company states mining and screening operations are ongoing, and bulk vessels have been chartered so that once conditions improve, ship loading will be able to restart within hours to continue shipping into the first week of January 2024.
Metro Mining is an independent bauxite producer and explorer focused on its wholly owned Bauxite Hills Mine in the Weipa bauxite plateau about 95km north of Weipa near the coast on the Skardon River.
Bauxite is the ore used to make aluminium, a critical and strong growth metal in the energy transition.
As of 30 September 2023, Metro Mining had $21.613 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Metro Mining
