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Metro Mining secures new bauxite supply contract, now fully sold for 2018

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Metro Mining secures new bauxite supply contract, now fully sold for 2018

Metro Mining Ltd. entered a new binding contract with China's state-owned State Power Investment Corp. Aluminium and Electric Power Investment Co. Ltd., or SPIC, for the supply of about 300,000 wet tonnes of bauxite for 2018.

The company said Sept. 3 that the contract follows the nonbinding memorandum of understanding signed by Metro and SPIC in December 2017.

Metro's Managing Director Simon Finnis said this marks the sale of the company's entire planned production for the current year.

Finnis further said that production at the company's Bauxite Hills mine in Queensland, Australia, is increasing and the company may increase 2019 production above the current planned rates given strong demand for Metro's bauxite in China.