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    MMI   AU000000MMI6

METRO MINING LIMITED

(MMI)
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Metro Mining : Bauxite Hills Mine Operations Update

04/15/2020 | 10:14am EDT

Metro Mining Ltd (ASX: MMI) (Metro) is pleased to provide an operational update for the Bauxite Hills Mine.

The first ship, 'Vialli' has arrived at the Port of Skardon River and commenced loading on the morning of 14 April. This shipment is the first this year to foundation customer Xinfa who will purchase approximately 2.0 Million DMT (dry metric tonnes) under existing offtake arrangements in 2020.

Land based activities started on the 2nd of April on day shift only, moving to the regular 24 hours a day, seven days a week basis on the 8th of April. Favourable weather conditions have allowed mining to get off to an excellent start with 142,000 WMT of bauxite mined, and of that, 106,000 WMT have been screened to date. As at the 14th all barges were fully loaded with 28,000 WMT of bauxite ahead of the arrival of the Vialli.

With the commissioning of the three new triple trailer sets there are six sets available, and the benefit of the enlarged fleet is already evident with daily records for haulage being achieved. The return of the majority of our experienced team members has also aided in the efficient restart. Strong screening throughput rates are also being achieved, despite the inherent moisture in the bauxite post wet season. In the past few days, the Metro team has achieved screening rates of 850tph which is a significant increase on the average of 550tph achieved last year.

The land-based operational teams have now been joined by the transhipping crews on site and the Bauxite Hills Mine is at full strength and running efficiently. The procedures that have been put in place for Covid-19 have been embraced by all on site and, to date, have been successful with no impact on operations from the virus.

Metro Mining Managing Director and Chief Executive Officer, Simon Finnis, said: 'This has been an excellent start to the year in trying times amidst all the operational changes we have had to implement to deal with the risk of Covid-19. To put the results into context, last year we only had 47,000 WMT mined and hauled prior to the commencement of shiploading activities. Our workforce has had to make adjustments to their working lives, including some who have relocated to Cairns; I applaud and thank everyone for their efforts.'

Contact:

Tel: +61 (0) 7 3009 8000

FORWARD LOOKING STATEMENT

Statements & material contained in this ASX Release, particularly those regarding possible or assumed future performance, production levels or rates, commodity prices, resources or potential growth of Metro Mining, industry growth or other trend projections are, or may be, forward looking statements. Such statements relate to future events & expectations and, as such, involve known and unknown risks & uncertainties. Although reasonable care has been taken to ensure facts stated in this Release are accurate and/or that the opinions expressed are fair & reasonable, no reliance can be placed for any purpose whatsoever on the information contained in this document or on its completeness. Actual results & developments may differ materially from those expressed or implied by these forward-looking statements depending on a variety of factors. Nothing in this Release should be construed as either an offer to sell or a solicitation of an offer to buy or sell shares in any jurisdiction.

(C) 2020 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2021 158 M 115 M 115 M
Net income 2021 -95,9 M -69,6 M -69,6 M
Net Debt 2021 25,5 M 18,5 M 18,5 M
P/E ratio 2021 -0,91x
Yield 2021 -
Capitalization 50,8 M 36,8 M 36,9 M
EV / Sales 2021 0,48x
EV / Sales 2022 0,31x
Nbr of Employees -
Free-Float 90,7%
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Number of Analysts 1
Last Close Price 0,02 AUD
Average target price 0,07 AUD
Spread / Average Target 336%
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Managers and Directors
Simon Wensley Chief Executive Officer, MD & Director
Duane Woodbury Chief Financial Officer
Douglas Campbell Walter Ritchie Independent Non-Executive Chairman
Graham Tanner Operations Manager
Stephen Craig Everett Non-Executive Director