NOTICE OF ANNUAL GENERAL MEETING
Metro Mining Limited ACN 117 763 443 | ASX: MMI Notice is given that the Annual General Meeting of Metro Mining Limited will be held at:
Date of Meeting: | Tuesday, 20 November 2018 |
Time of Meeting: | 11.00am AEST |
Place of Meeting: | Office of McCullough |
Robertson Lawyers | |
Level 11, 66 Eagle Street | |
Brisbane QLD 4000 |
A MESSAGE FROM OUR CHAIRMAN
Dear Shareholders,
On behalf of the Board, I am pleased to invite you to Metro's Annual General Meeting to be held at 11:00am on Tuesday, 20 November 2018 at the offices of McCullough Robertson Lawyers, Level 11, 66 Eagle Street, Brisbane, Queensland.
I will be pleased to present your Company's Annual Report for the financial year ended 30 June 2018, an overview of our significant achievements during the 2018 financial year and an update on our vision, strategy and priorities for the coming year.
At the Meeting, the formal business to be conducted includes:
• Receiving the financial statements and reports;
• Approving the 2018 Remuneration report;
• The re-election of Directors;
• Ratification of Shares issued to sophisticated and institutional investors pursuant to the June 2018 Institutional Placement; and
The enclosed Shareholder voting form has instructions on how you can lodge your vote, or appoint a proxy to vote on your behalf, should you be unable to attend.
We look forward to seeing you at the Meeting.
Stephen Everett Chairman
Metro Mining Limited 19 October 2018
KEY STATISTICS*
PROJECT OVERVIEW Overview: Metro (100%)
Commodity: Bauxite
Mine Type: Surface mining
Contained Mineral: Reserves 92.2Mt
Location: Cape York, Qld
Product Type: Direct Shipping Ore
Status: Operational
Resources: 144.8Mt
FIRST PRODUCTION
First Production: April 2018
Start-up Production: ~2Mtpa
Operations: Contract mining & transhipment
Mine Life: 17 years
Steady State Production: ~6Mtpa (year 4)**
Workforce: ~185 personnel
*ASX Release 15 March 2017
** Metro confirms all material assumptions underpinning production target and corresponding financial information continue to apply and have not materially changed. Subject to Board Approval.
THE BAUXITE HILLS MINE
Metro Mining had a transformative 12 months with construction and commissioning of Bauxite Hills Mine completed and production commencing in April 2018. The mine's first shipment of 61,709 tonnes of bauxite left site in early May 2018 for delivery to China and in the company's first operating quarter, June 2018, 445k tonnes of bauxite was mined and 399k tonnes of bauxite was shipped to Chinese customers.
Operations
The Mine has a relatively simple mining operation - after clearing of trees and removal of topsoil and overburden, bauxite ore is mined using front end loaders and trucked via haul roads to the port. It is screened to 100mm maximum size then loaded into special purpose barges that are towed down the Skardon River by tugs to an anchorage point in the Gulf of Carpentaria and then unloaded into Ocean Going Vessels.
This transhipment process has performed in line with expectations and without any significant operational issues. Daily barge loading rates are steadily increasing in line with improved ore mining rates. Metro expects to achieve its targeted production of 2 million Wet Metric Tonnes for the 2018 calendar year.
Safety
An excellent safety culture has prevailed on site with all personnel and contracting partners embracing a safe working environment.
In the first quarter of operations no injury /lost time incidents were recorded. This is a result of strong commitment to safety by personnel across all levels.
Indigenous Engagement
Metro has continued to promote engagement with the local communities in which it operates. Throughout the construction phase, the Ankamuthi people, the traditional owners of the land, and other indigenous employees, held approximately 40% of the positions and participated in all facets of the construction program. As the mine moved into production employment levels were maintained and therefore far exceed Metro's Indigenous workforce target of 20% in the first operating year.
Bauxite Sales
Subsequent to the financial year end, Metro announced it had executed binding offtake agreements with other Chinese customers, meaning 100% of the mine's planned production for calendar year 2018 was sold, along with 80% of the mine's planned production for calendar year 2019.
The Group's marketing strategy is focused on developing a broad customer base, to supply bauxite into long-term evergreen contracts. Spot cargoes, trial shipments and offtake agreements have been negotiated with several Chinese customers. These sales will allow new customers to gain operating experience in processing the Metro's bauxite with the intention of either incorporating it as part of feedstock to their existing refineries or incorporating it into the design of new coastal refineries.
Metro Mining is an Australian mining and exploration company based in Brisbane, Queensland.
Metro holds a total tenement package covering approximately 1,900 square kilometres within the internationally acclaimed Weipa Bauxite Region on Western Cape York, Queensland.
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Metro Mining Limited published this content on 23 October 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 23 October 2018 02:42:01 UTC