Metro Mining Limited has secured a 9-year Loan Facility amounting to approximately $47.5 million from the Northern Australia Infrastructure Facility (NAIF) to get works underway on the Bauxite Hills Mine Stage 2 Expansion in Queensland.
The NAIF loan is going to fund the construction and mobilisation of a Floating Terminal at Skardon River which is the main component of the Stage 2 Expansion.
“We are very pleased to have secured the support of NAIF in providing a long-term loan to provide financing for the Stage 2 Expansion. Bauxite Hills will be a significant contributor to the economy of Northern Australia and a large employer from the surrounding communities for many years to come.
“With Stage 2 DFS complete and financing secured, we are now awaiting completion of the final design of the Floating Terminal in order to be in a position to present to the Board for final approval,” Metro Mining Managing Director and Chief Executive Officer Simon Finnis said.
The Stage 2 Expansion - due to be completed in 2021 - will increase the mine’s production capacity to up to 6 metric tonnes per annum. With the expansion, Bauxite Hills’ mine life will be extended to 2037.
The loan is a recognition of the continuous public benefits that the mine will provide for Cape York as well as the Indigenous engagement strategy that will create a significant employment opportunity for local communities.
Currently, Bauxite Hills Mine’s workforce is 40 per cent Indigenous, and Metro Mining will continue to provide local opportunities with the Stage 2 Expansion.
“This commitment to Metro Mining Limited is further demonstration that NAIF funding is supporting economic and social development in northern Australia, particularly Queensland. Metro has an established track record of providing employment opportunities in the Cape York region.
“We are pleased that this support from NAIF will assist the company in its long-term expansion plans with a project that will generate over $500 million in public benefit and create jobs in the Cape,” NAIF Acting CEO Amanda Copping said.
The Bauxite Hills Mine is located about 95 kilometres north of Weipa and it commenced mining operations in April 2018.
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Source: Metro Mining (1, 2); Australian Mining; NS Energy; Creamer Media’s Mining Weekly