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Metro Mining Update on Loan Facility from NAIF

Metal News - Published on Fri, 15 Nov 2019

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Metro Mining Limited has provided the following update regarding financing for Stage 2 Expansion of the Bauxite Hills Mine north of Weipa on Eastern Cape York. Metro has been advised the NAIF Board has made an Investment Decision to support the Stage 2 Expansion of the Bauxite Hills Mine by providing a long-term Loan Facility of up to AUD 47.5 Million. The NAIF Facility is subject to written agreements being entered into between the parties and satisfaction of customary CPs to drawdown.

These CP include
1. Conclusion of the Federal Ministers' consideration period as outlined in the NAIF Act 2016
2. Finalisation of the Queensland Government's consideration of the Project and its agreement for the approved funds to be advanced

Metro Mining Managing Director and Chief Executive Officer, Simon Finnis, said that "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.
I would like to personally thank the NAIF team for their time and commitment during the due diligence process in order to understand the Project, the global bauxite market and its importance to Northern Australia.

With the 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.”

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Posted By : Rabi Wangkhem on Fri, 15 Nov 2019
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