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Metro enters bauxite off-take deal with Chinese state-owned company

Metro Mining Ltd. signed a nonbinding memorandum of understanding for a bauxite off-take deal with Chinese state-owned SPIC Aluminium and Electric Power Investment Co. Ltd.

The agreement covers the supply of 6.5 million tonnes of bauxite over four years from 2018, according to the Dec. 21 release.

The company now has off-take agreements in place for 100% of the planned output in 2018 and 2019 from its Bauxite Hills project in Queensland, Australia, and 90% of the possible expanded output in 2020 and 2021.

Metro has a previous off-take agreement with China's Xinfa Group Co. Ltd. for a total 7 million tonnes of bauxite, and with Shandong Aluminium Co. Ltd. for at least 3 million tonnes.

The company expects production from the Bauxite Hills mine to start in April 2018 "following the end of the Cape York wet season."