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    MMI   AU000000MMI6

METRO MINING LIMITED

(MMI)
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Metro Mining Limited : - 2021 Offtake Update

07/08/2021 | 11:17am EDT

Metro Mining Limited (ASX: MMI) (Metro) is pleased to announce it has signed two binding spot cargo agreements of approximately 60,000 Wet Metric Tonnes (WMT) each and these are coupled with a Non-binding Letter of Intent (LoI) with Shanxi Liulin Senze Aluminium Company Limited.

These sales are the result of Metro's marketing and technical teams within China working closely with potential customers, who have visited Shanxi Senze, together with its trading partners, on several occasions during 2020 and 2021 to meet with senior management and engineering teams. This refinery has an alumina capacity of 1.3Mt requiring approximately 3.0 Million DMT of bauxite annually. Shanxi Senze is a division of Senze Energy Group General Company Group which produces alumina for Chinese domestic and international markets from its plant in Shanxi Province.

Along with many other inland refineries Shanxi Senze is looking to partially replace its historical supply of domestic bauxite with that of supply from overseas. The Non-binding Agreement is in addition to Metro's Offtake Agreement with Xinfa for 2.3 Million WMT in 2021 and, once binding, will go a long way towards covering Metro's production target for this year.

General Manager of Shanxi Luilin Senze, Mr Liu Shuaihong, commented: 'Given that supplies of local bauxite in Shanxi Province are very tight, it is good to be able to secure good quality bauxite from Metro Mining that will take the place of some of the local feedstock. We look forward to a long and fruitful agreement with Metro Mining.'

Metro Mining Managing Director and CEO Mr Simon Wensley said: 'Metro is delighted to have reached agreement with Shanxi Senze for the supply of bauxite over an extended period. We look forward to finalising the binding agreement, in the not too distant future, and establishing a long-term mutually rewarding relationship. We welcome the opportunity to become one of their major suppliers. Our technical team has worked closely with a number of inland refineries for over a year and it is pleasing that we are starting to see the fruits of that labour.'

Contact:

Tel: +61 (0) 7 3009 8000

Email: info@metromining.com.au

Web: www.metromining.com.au

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) 2021 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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Income Statement Evolution
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Mean consensus BUY
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