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    MMI   AU000000MMI6


End-of-day quote. End-of-day quote Australian Stock Exchange - 10/27
0.021 AUD   -8.70%
10/19METRO MINING LIMITED : - Floating Crane Operational
10/18METRO MINING : Appoints CFO; Shares Up 5%
10/18Metro Mining Limited Announces CFO Changes
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Metro Mining Limited : - Conversion of LOI into Binding Off-take for 2021

08/31/2021 | 09:29am EDT

Metro Mining Limited (ASX: MMI) (Metro) is pleased to announce that it has signed a binding agreement for the supply of 790,000 Wet Metric Tonnes (WMT) bauxite for delivery in 2021 with Xiamen Xiangsen Aluminium Limited (Xiangsen Aluminium).'


Completes 2021 off-take under the 1 Million Dry Metric Tonnes (DMT) Letter of Intent (LOI)

Signals success in Metro's approach to opening up new markets and customers

Cargoes spread from September through December under fixed pricing

Shipments will transition to Capesize vessels upon commissioning of the new floating crane

Bauxite Hills Mine to return to maximum production capacity in Quarter 4, 2021

The parties are negotiating to expand the previously announced 1 Million (DMT) LOI for 2022-2024

On 7 July 2021, Metro announced the signing of a Letter of Intent (LOI)

This new contract formalises the remaining volume under the LOI of 790,000 WMT and is the result of good ongoing trial results and significant effort of both Australian and Chinese parties. This Agreement schedules tonnage from September through to December and is in addition to Metro's Offtake Agreement with Xinfa for 2.3 Million WMT in 2021. It takes the Bauxite Hills Mine to full capacity at the same time that the new Floating Crane arrives at site, allowing costs to be further optimised. Both parties have flexibility to defer 1 shipment depending on trial progress and performance of the new Floating Crane. Xiangsen Aluminium is a Joint Venture between Xiamen Xiangyu Group and Shanxi Liulin Senze alumina refinery. The JV specializes in bauxite supply, alumina and coal trade as a comprehensive supply chain service company. Xiangsen Aluminum is working with Metro on trials and bauxite targets in the key alumina producing province of Shanxi. An important aspect of the relationship is leveraging logistics capabilities to transition to Capesize vessels to Chinese ports. Based on this binding off-take and strengthening relationship, Metro and Xiangsen Aluminium are negotiating to expand the scope and volume of the 1 Million DMT LOI for 2022-2023 (plus a 1 year option to extend) announced on 7 July 2021.

Metro Mining Managing Director and CEO

Mr Simon Wensley said: 'Metro is delighted to have fully converted the LOI for 2021 into a binding off-take. Successfully working with Xiangsen Aluminium, Shanxi Senze and other refineries to convert to Metro product is a key part of our strategy to expand the market. It allows us to leverage our unique logistics position as the only supplier using Capesize vessels from Australia and deliver secure, quality, base-load raw materials to our customers. We look forward to finalising an expanded long-term LOI in the near future and then converting that to a binding contract to establish a long-term mutually rewarding partnership helping tounderpin our Stage 2 expansion.'


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 in any jurisdiction


Tel: +61 (0) 7 3009 8000

Email: info@metromining.com.au

Web: www.metromining.com.au

(C) 2021 Electronic News Publishing, source ENP Newswire

10/19METRO MINING LIMITED : - Floating Crane Operational
10/18METRO MINING : Appoints CFO; Shares Up 5%
10/18Metro Mining Limited Announces CFO Changes
10/17Metro Mining Limited Announces Floating Crane Operational
08/31METRO MINING LIMITED : - Conversion of LOI into Binding Off-take for 2021
08/31Metro Mining Limited Signs A Binding Agreement for the Supply of 790,000 Wet Metric Ton..
08/30Metro Mining Limited Reports Earnings Results for the Half Year Ended June 30, 2021
07/28METRO MINING : Q2 Revenue Reaches $23 Million
07/26METRO MINING LIMITED : - Capability to Load Capesize Vessels
07/25Metro Mining Limited Announces Capability to Load Capesize Vessels
More news
Sales 2021 158 M 119 M 119 M
Net income 2021 -96,0 M -72,1 M -72,1 M
Net Debt 2021 25,5 M 19,2 M 19,2 M
P/E ratio 2021 -1,11x
Yield 2021 -
Capitalization 62,8 M 47,2 M 47,2 M
EV / Sales 2021 0,56x
EV / Sales 2022 0,37x
Nbr of Employees -
Free-Float 90,7%
Duration : Period :
Metro Mining Limited Technical Analysis Chart | MarketScreener
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Income Statement Evolution
Mean consensus BUY
Number of Analysts 1
Last Close Price 0,02 AUD
Average target price 0,07 AUD
Spread / Average Target 233%
EPS Revisions
Managers and Directors
Simon Wensley Chief Executive Officer, MD & Director
Mitchell Petrie Chief Financial Officer & Secretary
Douglas Campbell Walter Ritchie Independent Non-Executive Chairman
Graham Tanner Operations Manager
Stephen Craig Everett Non-Executive Director