Metro staying on boil

METRO Mining Limited has launched a $52.4 million equity raising effort to advance its Bauxite Hills Mine, 95km north of Weipa.

The ASX-listed company also plans to “repay loan facilities” that supported its recent takeover of the neighbouring Gulf Alumina Ltd, which resulted in Metro doubling its Direct Shipping Ore Reserve to 96.5 million tonnes.

The equity raising will involve the issue of about 419.4 million fully paid ordinary shares at $0.125 per share.

“We are delighted to introduce new institutional investors to the company while providing existing shareholders the opportunity to invest further,” said Metro Mining managing director Simon Finnis (left).

“We aim to maintain our momentum at Bauxite Hills and strengthen the balance sheet as we rapidly progress toward becoming a leading independent bauxite producer.”

Metro is currently preparing a Bankable Feasibility Study, due to be released within weeks.