Metro Mining Ltd (ASX:MMI) has achieved an attributable (gross) sales revenue of $43.8 million during the September 2018 quarter from its Bauxite Hills project in Far North Queensland.
The September quarter shipments were 822,000 wet metric tonnes (WMT), more than double the ore shipped in the June quarter.
Notably, Bauxite was shipped to five different Chinese customers including Metro’s foundation customer Xinfa.
Metro remains on track to meet its production and shipping guidance of 1.98 – 2.075 million WMT for calendar year 2018.
READ: Metro Mining powers ahead with Bauxite Hills output continuing to set records
Performance at the barge loading facility continued to improve through the quarter with increasing operating rates reducing loading time for the barges and resulting in shorter turnaround times.
Modifications to the chutes and transfer points were completed to eliminate blockages and spillages and further calibration was made to the on-belt analyser to optimise quality control.
The moisture content in the bauxite is reducing as the operation moves through the dry season which will continue to assist in the performance of the screen and grizzly.
The transhipping component consisting of barge loading, delivery of barges to vessels and unloading them, continues to exceed expectations.
With the increased mining rates, work was undertaken to optimize tug and barge movements in line with the tide windows.
Performance during the quarter highlighted that loading rates into the Ocean-Going Vessels (OGV’s) can exceed the planned mining rates providing confidence in the targeted production for 2019.
Bauxite price movement
Imported bauxite prices in China increased 4% quarter-on-quarter to US$50.4 per dry metric tonne.
Environmental and other regulatory pressures continue to weigh on domestic bauxite supply, with domestic prices reaching record highs during Q3.
Metro’s available cash on hand and trade receivables as at September 30, 2018 was $38.2 million compared to $30.6 million at the end of the June quarter.