METRO PREPARES TO CONSTRUCT FNQ MINE
In an announcement to the ASX today, Metro confirmed Lubei has signed the Letter-of-Intent for an initial 0.5 to 1.0 million tonnes per annum for 3 years commencing next year.
A Binding Offtake Agreement is currently under negotiation. Metro already has a four-year, 7 million tonne Binding Offtake Agreement with Xinfa Group.
Xinfa is one of the largest integrated aluminium companies in China. Metro’s Bauxite Hills Mine, 95 kilometres north of Weipa, is one of the largest independent projects within the internationally acclaimed Weipa Bauxite Region.
Existing environmental approvals and mining leases allow for early construction works to commence in July.
Final environmental approvals are expected mid-year with mining operations and first shipment planned for April, next year (2018).