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Metallica Minerals ships maiden bauxite cargo

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

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Metallica Minerals Ltd ships maiden bauxite cargo

The successful barging and transhipment of bauxite ore through the Hey Point facility validates the company’s decision to use the low capital cost and established facility as a logistics solution for the 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.

In April 2016, the company entered into an agreement to access the privately owned Hey Point facility to export their direct shipping bauxite ore.

The private owners are now bound to provide transhipping services and access to the company.

The company anticipates production from the Cape York Heavy Metal Sands and Bauxite Project in the first half of 2017 with a steady state production rate of 1.5 to 2 million tonnes of direct shipping bauxite per annum.

Metallica also has projects that give it exposure to the commodities of zircon-rutile, nickel-cobalt-scandium and graphite.

Shares in Metallica have traded modestly higher, up 18% over the past six months to $0.038.

Quick facts: Metallica Minerals Limited

Price: 0.014 AUD

ASX:MLM
Market: ASX
Market Cap: $4.53 m
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