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- Metro Mining (MMI) has announced that it will be moving into its planned 2020 wet season shutdown earlier than usual
- The company made this decision following the ongoing impact that COVID-19 is having on market conditions across the aluminium supply chain
- Mining at the Bauxite Hills Mines in Queensland is already starting to wind down and shipping is expected to stop on or around September 15
- Unfortunately, these early closures will result in a number of Metro’s staff and contractors being made redundant
- Despite this, negotiations for bauxite sales are continuing and if additional sales are secured for 2020 delivery, then Metro can reopen the mine later in 2020
- Metro has ended the day 7.87 per cent in the red with shares trading for 8.2 cents each
Metro Mining (MMI) has announced that it will be moving into its planned 2020 wet season shutdown earlier than usual.
The company made this decision following the ongoing impact that COVID-19 is having on market conditions across the aluminium supply chain.
Mining at the Bauxite Hills Mines in Queensland is already starting to wind down and shipping is expected to stop on or around September 15.
Unfortunately, these early closures will result in a number of Metro’s staff and contractors being made redundant.
As a result, only a small number of crew will remain on site for general maintenance.
But, these changes will put Metro in a strong financial position and the company will have sufficient cash to begin operations in April 2021.
Meantime, negotiations for bauxite sales are continuing and if additional sales are secured for 2020 delivery then Metro can reopen the mine later in 2020.
“We are extremely disappointed that despite a record performance from the teams on-site, and the efforts of our marketing team, we have been unable to secure further sales that would have meant a very successful operating year for Metro,” CEO and Managing Director Simon Finnis commented.
“This decision has not been taken lightly and we will do all we can to assist our people and all stakeholders,” he said.
“The market does appear to be recovering and our marketing efforts are continuing as aggressively as ever in order to secure additional sales for this and for following years,” he added.
Metro has ended the day 7.87 per cent in the red with shares trading for 8.2 cents each in a $123.6 million market cap.
