Metro Mining (ASX:MMI) has satisfied all of the conditions precedent associated with a previously reported mineral mining deed executed with Nebari Natural resources Credit Fund.
The $104.78 million market capitalisation company has received a royalty payment of $15.515 million, and has confirmed that the $4 million short-term working capital facility agreed with privately held Lambhill has been fully drawn.
Nebari and Metro’s junior lenders, Lambhill and Ingatatus have each elected to exercise 40% of their tranche one subscription warrants, providing the company with an additional $2.280 million in working capital.
Metro announced on 30 January 2024, that the funds will be used to strengthen its balance sheet in the aftermath of Tropical Cyclone Jasper, which affected Far North Queensland, as well as the company’s Bauxite Hills Mine.
Managing Director and Chief Executive Officer (CEO) Simon Wensley tells Mining.com.au the impact of Cyclone Jasper on shipping and operations in December last year.
“This allows us to complete the expansion project, do all the maintenance work we need to do over the wet season and restart operations at the end of next month.”
Metro Mining is an Australian miner and explorer based in Brisbane, Queensland. The company’s flagship Bauxite Hills Mine, is a single operating mine combining 2 environmental authorities covering the Bauxite Hills and Skardon River tenements.
Bauxite is the ore used to make aluminium, a critical and strong growth metal in the energy transition.
Metro is an independent bauxite producer and explorer, with its 100% owned Bauxite Hills Mine operating on the Weipa bauxite plateau some 95km north of Weipa, near the coast on the Skardon River.
The company produces a high alumina bauxite, shipping direct to customers in very large ore carriers.
Write to Aaliyah Rogan at Mining.com.au
Images: Metro Mining
