Good operational win by Metro

PRELIMINARY statistics show Queensland bauxite producer Metro Mining has beaten guidance in the June quarter on both the mining and shipping fronts.
Good operational win by Metro Good operational win by Metro Good operational win by Metro Good operational win by Metro Good operational win by Metro

Metro Mining's Bauxite Hills mine in Queensland

Metro mined 1.4 million tonnes and shipped 1.25Mt from its Bauxite Hills operation in the June period, putting its output run-rate at the upper end of annual guidance of 4-5Mt.

Metro has wanted to expand Bauxite Hills to capacity of 6Mt per annum but has slowed the initiative in recent times due to general global economic uncertainty and markets during the coronavirus pandemic.

Full details of the operational quarter are expected later this month.

Last year the company sold 3.5Mt and achieved a gross profit of A$26 million and net profit of $3.6 million.

Metro started the current quarter with cash on hand and receivables of $11.7 million.

Debt at the same date totalled $35 million.

Shares in Metro were unchanged Tuesday at 11c, capitalising the company at $153 million.  

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