Metro mining ships 62,000 tonnes of bauxite to China's Xinfa
An Australian bauxite mine operator, with one of the largest independent operations within the Weipa bauxite region, has offloaded its first shipment to China.
Metro Mining, established in 2014, announced this week that it had sent off its first shipment of 62,000 tonnes as part of its four-year off-take agreement with one of the largest Chinese aluminium companies.
Xinfa has a four-year binding offtake agreement with Metro Mining which will see one million tonnes of bauxite shipped in the first year, with two million tonnes shipped per annum for the remainder of the contract.
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The bauxite will be supplied from the company’s flagship Bauxite Hills project, which with a 92.2 Mt Reserves over a 17-year mine life makes it the largest independent operations within the international renowned Weipa bauxite regions of Cape York.
The news comes as part of a wider announcement, in which Metro is well on its way to meeting its 2018 forecast.
The project is forecast to generate earnings before interest, tax, depreciation and amortisation (EBITDA) of $2.5 billion.
