Qld backs NAIF loan for Metro
PERTH (miningwekely.com) – The Queensland treasury has told bauxite miner Metro Mining that it would not exercise its veto rights for a A$47.5-million loan facility from the Northern Australia Infrastructure Fund (NAIF), paving the way for the facility to reach financial close.
The NAIF last year offered ASX-listed Metro Mining a A$47.5-million loan to fund its Stage 2 expansion of the Bauxite Hills mine, in Cape York.
“We are pleased to secure the loan offer from NAIF and delighted the Queensland state government has supported our expansion plans which will greatly benefit our stakeholders in Northern Australia,” said Metro MD and CEO Simon Finnis.
“Metro’s Bauxite Hills mine is now back in operation for 2020 and we’re hopeful for another successful operational year.”
The Stage 2 expansion requires a capital investment of A$51.4-million to increase production from the current 3.5-million tonnes a year to six-million tonnes a year.
The key components of the Stage 2 expansion include the construction and mobilsiation of a floating terminal with the ability to load six-million tonnes a year of bauxite, the scale-up of the current mining, haulage and transshipment fleets, and optimising and upgrading the existing port and barge loading facilities.
Based on a reserve of 109.5-million tonnes, the project is expected to have a mine life until 2037.
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