Following the first delivery of bauxite to China from its Bauxite Hills mine in Queensland, Australia, Metro Mining Ltd. executed two additional binding off-take agreements with Chinese customers.
The company said it will ship a total of 780,000 tonnes of bauxite: 580,000 tonnes this year and the rest either later this year or in 2019 at the company's option.
Metro said Aug. 13 that about 90% of its planned full-year production has now either been sold or contracted for sale, along with 80% of its 2019 production.
The contracts are based on market pricing with typical bonus and penalty clauses associated with the bauxite specification.
Metro recently raised A$17.5 million through an oversubscribed institutional placement of shares at 20 Australian cents each.