Metro Mining posts strong half-year profit on record shipments
Bauxite producer Metro Mining has delivered a strong turnaround for the six months ended June 30, reporting a net profit after tax of A$119.8-million, compared with a loss in the prior corresponding period.
The results reflect the completion of the company’s expansion at its Bauxite Hills operation, with shipments reaching a record 1.9-million wet metric tonnes in the half-year. Underlying earnings before interest, taxes, depreciation and amortisation came in at A$23-million, a 248% improvement on the prior period’s A$15.5-million loss.
Metro also booked a A$47.7-million impairment reversal and recognised gross tax losses of A$201.5-million on its balance sheet, citing confidence in forecast future profits. A favourable currency environment contributed a further A$33.2-million gain following the restructuring of the company’s foreign exchange hedging.
“This is an outstanding set of half-year results off the back of delivering our expansion last year and then record first-half shipments. It’s a tribute to the hard work of the Metro team and our contractors and provides excellent momentum into the second half of the year, which is our most productive,” said CEO and MD Simon Wensley.
Metro Mining’s Bauxite Hills mine, located about 95 km north of Weipa on the Skardon river, produces high-alumina bauxite that is shipped directly to customers in large ore carriers. The company has agreements with Traditional Owners and reports a high proportion of Indigenous employees, contributing to the economic development of Cape York and Far North Queensland.
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