Nebari has today (8 April 2024) emerged as an 8.754% significant shareholder in bauxite miner Metro Mining (ASX:MMI) as part of a funding package previously inked in March 2023.
Nebari Partners, Nebari Partners GP, Nebari Partners GP III, Nebari Natural Resources AIV I LP, and Nebari Natural Resources AIV II now collectively hold 421 million shares in the $211.6 million market capitalisation company.
On 21 February 2024, Metro Mining satisfied all conditions precedent associated with the mineral mining deed executed with Nebari and received the royalty payment of $15.515 million.
Metro at the time had then fully drawn a $4 million short-term working capital facility agreed with Lambhill.
Nebari together with Metro’s junior lenders, Lambhill and Ingatatus, each also elected to exercise 40% of their tranche one subscription warrants, providing Metro with an additional $2.23 million in working capital.
The funding package is to support operations during the wet season in the aftermath of Tropical Cyclone Jasper and enable completion of the Bauxite Hills Mine expansion, as reported by Mining.com.au.
Metro on 25 March began remobilising production, services and contractor teams back to Bauxite Hills Mine this week. With the weakening of wet season conditions at site the restart of operations have now been gradually occurring.
Wet season programs have been executed and maintenance work on mobile equipment, fixed plant and marine vessels completed, with all assets now back at site.
Metro Mining is a miner and explorer based in Brisbane, Queensland. The company’s flagship Bauxite Mine sits in Far North Queensland about 95km north of Weipa on Western Cape York.
Bauxite is the ore used to make aluminium, a critical and strong growth metal in the energy transition.
Write to Adam Drought at Mining.com.au
Images: Metro Mining
