PROJECT FINANCE

Metro passes key milestone for bauxite expansion loan

Big increase in production planned via NAIF facility

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The milestone just passed involved Queensland Treasury notifying Metro it "will not exercise its veto right regarding the … Bauxite Hills mine expansion proposal and supports its progression to the loan documentation stage".

Metro is to use the loan to nearly double production to 6 million tonnes per annum of bauxite, with a "floating terminal" at the operation the key bit of kit required.

Metro started 2020 with cash of about $40 million and debt of $35 million.

Site earnings in the December quarter were $12.6 million.

Shares in Metro were up 6% to 10.5c, capitalising the company at $146 million.

The stock was at levels around 16-17c in January.

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