CAPITAL MARKETS

Metro posts another loss from Bauxite Hills

BAUXITE miner Metro Mining has posted a A$29.4 million loss for the half year and slightly reduced production expectations for the full year due to bad weather conditions in Far North Queensland.

Bauxite Hills

Bauxite Hills

Guidance is now 3.6-3.8 million tonnes versus the previously flagged 3.6-4Mt.

Bad weather has been a recurring theme for Metro in 2022, with output in May and June also being negatively impacted.

Still, Metro has proactively introduced initiatives to try and reduce "uncertainty and exposure to volatility" by signing new freight contracts and foreign exchange arrangements.

Those moves come with the company also being set, subject to financing, to increase the capacity of the Bauxite Hills operation from 4Mt per annum to 7Mtpa.

Meanwhile, the recent half year is an improvement on the previous corresponding period when Metro suffered an $87 million loss.

Shares in Metro fell 9.5% to 1.9c after the current loss was revealed, capitalising the company at $71 million.

A $25.4 million placement in July priced new shares at 2c each.

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.