Metro Mining Limited announced that the 2022 component of the expanded and extended Strategic Cooperation Agreement with Xiamen Xiangsen Aluminium Limited has been converted to a Binding Offtake Agreement of 1.5 Million Dry Metric Tonnes (approx. 1.7 Million Wet Metric Tonnes) in 2022. On 25th November Metro announced an expanded and extended LOI with Xiangsen Aluminium for the supply of approximately 5 Million Wet Metric Tonnes (WMT) of bauxite for delivery between 2022 and 2024. The 2022 component of that Agreement totalling 1.7 Million WMT has now been converted to a Binding Offtake Agreement. This follows Xiangsen Aluminium fulfilling 100% of its agreement for 1.1 Million WMT in 2021. Pricing terms are confidential however are made up of fixed and variable components within a "cap" and "collar" range which ensures the price will gradually rise on a quarterly basis. 1.1 Million WMT is already contracted for 2022 with foundation customer Xinfa and further 0.6 Million WMT is in final negotiation stages. With 0.7 Million WMT to be withheld for "spot sales" to place as the market recovers further and in the case of competitor supply uncertainty, Metro anticipates it will reach its 4 Million WMT sales target in 2022.