Metro Mining To Receive A$47.5 Million Loan From Australian Government For Expansion At Bauxite Hills

Australia’s Metro Mining Ltd. announced yesterday the decision by the Northern Australia Infrastructure Facility (NAIF) to loan to the firm up to A$47.5 million for expansion of operations at Bauxite Hills.

Per the firm, NAIF’s Loan Facility is a nine-year note that will be used to carry out the Stage 2 Expansion at Bauxite Hills Mine, raising its production rate to 6.0 million wet metric tons per annum. Specifically, the loan will fund construction of a floating terminal on the Skardon River, which is estimated to consist of about 85 percent of the total cost of the 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,” said Metro Mining’s Managing Director and CEO Simon Finnis.