Metro passes key milestone for bauxite expansion loan

METRO Mining has said it has passed “one of the last key milestones” needed to secure a loan facility of up to A$47.5 million from the Northern Australia Infrastructure Facility for expanding its Bauxite Hills operation in Far North Queensland.
Metro passes key milestone for bauxite expansion loan Metro passes key milestone for bauxite expansion loan Metro passes key milestone for bauxite expansion loan Metro passes key milestone for bauxite expansion loan Metro passes key milestone for bauxite expansion loan

Metro wants to get a set-up like this happening at Bauxite Hills, Qld

The milestone just passed involved Queensland Treasury notifying Metro it "will not exercise its veto right regarding the … Bauxite Hills mine expansion proposal and supports its progression to the loan documentation stage".

Metro is to use the loan to nearly double production to 6 million tonnes per annum of bauxite, with a "floating terminal" at the operation the key bit of kit required.

Metro started 2020 with cash of about $40 million and debt of $35 million.

Site earnings in the December quarter were $12.6 million.

Shares in Metro were up 6% to 10.5c, capitalising the company at $146 million.

The stock was at levels around 16-17c in January.

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