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Metallica Minerals gets boost as independent bauxite exports resume

Metallica Minerals Ltd’s (ASX:MLM) logistics partner has successfully shipped its maiden bauxite cargo from Hey Point near Weipa, Queensland.

Metallica Minerals shipped bauxite from Queensland

The shipment is the first independent bauxite export from Cape York in more than 50 years.

The successful barging and transhipment is significant for Metallica as it plans to export bauxite ore through the same Hey Point facility in 2017.

In April 2016, the company entered into an agreement to access the privately owned Hey Point facility to export its sought after high-quality, low-temperature, direct shipping bauxite ore.

Hey Point’s owners are now bound to provide access and transhipping services to the company.

Metallica’s decision to utilise existing shipping infrastructure rather than constructing new facilities significantly reduces capital outlay and time to first shipment for its 50% owned Cape York Heavy Metal Sands and Bauxite Project.

The Cape York Heavy Metal Sands and Bauxite Project is located 5 kilometres southwest of Weipa and 15 kilometres from the Hey Point facility. Production is anticipated to commence in the first half of 2017.

The company expects to produce and export 1.5 to 2 million tonnes per annum of direct shipping bauxite from the project.

Metallica also has projects with exposure to the commodities zircon-rutile, nickel-cobalt-scandium and graphite.

Metallica had a cash balance of $1.45 million at the end of the September quarter.

Quick facts: Metallica Minerals Limited

Price: 0.011 AUD

Market: ASX
Market Cap: $3.56 m

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