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.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation