Metro Mining Ltd’s (ASX:MMI) Bauxite Hills Mine in Queensland has experienced a steady ramp-up during the quarter and is now approaching the budgeted operating rates and achieving very consistent results on a daily basis.
Notably, June mining rates averaged 8,167 wet metric tonnes of bauxite per day and the trend in ship loading rate is continuing to rise with the last ship loading in just 7.1 days.
Metro is well on track to meet its production and shipping guidance of 1.965 – 2.075 wet metric tonnes for the calendar year 2018.
Metro managing director and chief executive officer Simon Finnis said: “While it was a challenging start to the quarter, I am extremely proud of how the site team and our contract partners responded to resolving issues as they arose.
“All aspects of the operation have finished the quarter performing strongly, and I Iook forward to the project reaching targeted operating rates during the September quarter”.
READ: Metro Mining raises $17.5 million as production ramp up at Bauxite Hills Mine continues
Last month, Metro successfully completed a bookbuild to raise $17.5 million via an institutional placement, at an issue price of 20 cents per share.
The placement was heavily oversubscribed with strong support from Metro’s existing shareholders, along with significant demand from new domestic and international institutional investors.