CAPITAL MARKETS

Solid Metro performance at Bauxite Hills

BAUXITE producer Metro Mining has delivered a solid December quarter and met the upper end of full year guidance with 3.5 million wet metric tonnes shipped.

 Metro shipping bauxite in north Queensland

Metro shipping bauxite in north Queensland

Site earnings totalled A$12.6 million (on an EBITDA basis), with the company's cash on hand and trade receivables falling $3.6 million quarter-on-quarter to $39.9 million.

Metro said the reduction related to lower outstanding creditors with operations moving to care and maintenance and debt repayments made to Sprott prior to refinancing initiatives undertaken during the quarter.

Metro's Bauxite Hill operation in far north Queensland was shut late in the quarter for the wet season (as per the company's operational strategy), with the site planned to fully re-open in April.

Meanwhile detailed engineering and design work for an expansion to 6Mwmt by 2021 is continuing, with the board set to make a formal decision on the initiative upon completion.

Shares in Metro closed up 3% to 16.5c following release of the quarterly report, capitalising the company at $235 million.

At that price the stock is trading at near-52 week highs.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

editions

MiningNews.net Research Report 2024

Access a multi-pronged tool to identify critical risks and opportunities in Australia’s mining industry.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.