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    MMI   AU000000MMI6

METRO MINING LIMITED

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Metro Mining Limited Announces Capability to Load Capesize Vessels

07/25/2021 | 07:04pm EDT

Metro Mining Limited announced that it has entered into binding terms with its barging and transhipping partner, Transhipment Services Australia (TSA), to add a floating crane barge to its fleet at the Bauxite Hills Mine. A significant risk facing the Bauxite Hills Mine is the current historically high ocean freight rates, particularly, for geared Ultramax vessels used for shipping Metro bauxite. The continuation of high ocean freight rates will, over time, adversely affect Metro's operating margins. Metro's expansion strategy is, and continues to be, to reduce unit delivered costs by having the ability to load larger Capesize vessels. Metro's Management Team recently became aware of the opportunity to acquire a floating crane barge which will provide Metro with the capability to load Capesize vessels. Metro and TSA have moved swiftly to secure this opportunity. The floating crane barge, which has been newly built and commissioned, has a projected capacity of approximately 4.0 million WMT for the Bauxite Hills Mine operating season and conditions. The floating crane barge will be purchased by TSA and will be included in their marine fleet that services the Bauxite Hills Mine. Metro anticipates that the floating crane barge will be operational in the fourth quarter of 2021. TSA is in the process of completing regulatory, technical and commissioning aspects in preparation for mobilization to the Bauxite Hills Mine. Metro and TSA have entered into the appropriate amendments to the transhipment agreement. Metro's expansion strategy to move to an annual production of 6 million tonnes and have the capability to load Capesize vessels remains unchanged.


ę S&P Capital IQ 2021
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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
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 1
Last Close Price 0,02 AUD
Average target price 0,07 AUD
Spread / Average Target 336%
EPS Revisions
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