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19 March
Metro Mining
Investor Insight
Metro Mining is uniquely positioned as one of the few pure-play upstream bauxite companies globally listed on any stock exchange. As a direct exposure to the growing aluminum sector, Metro offers investors a unique opportunity to capitalize on the rising global demand driven by traditional industrial applications and emerging sectors such as electrification, battery technologies, and lightweight transportation solutions.
Overview
Metro Mining (ASX:MMI) is a low-cost, high-grade Australian bauxite producer, uniquely positioned as a pure upstream investment in the aluminum supply chain. Metro's flagship asset, the Bauxite Hills Mine in Skardon River, is strategically located 95 km north of Weipa, Queensland, and encompasses a total tenement package of approximately 1,900 square kilometers. As of 31 December 2023, the project boasts an impressive total bauxite resource of 118.7 million tons (Mt) including 83.2 Mt of reserves, featuring high-quality direct shipping ore (DSO) that requires no upgrading.
Following a significant capacity expansion completed in 2024, production at Bauxite Hills Mine is ramping up to achieve sustained throughput exceeding 7 Mt per annum, reinforcing the company’s position as one of the lowest-cost bauxite producers globally. With a further planned capacity increase set for 2025, Metro Mining is well-positioned to exploit continued price strength and robust demand from key Asian markets, particularly China.
Bauxite Hills Mine
The aluminum sector has seen annual growth rates rise from approximately 2 to 3 percent to around 3 to 4 percent due to expanding use in electric vehicles, renewable energy infrastructure, battery manufacturing, and the "lightweighting" of transportation. Recent geopolitical developments, such as reduced bauxite exports from Indonesia, have created supply constraints, driving up bauxite prices significantly. Australian bauxite spot prices reached approximately US$90/DMT in early 2025, up 89 percent from early 2023, which further enhances Metro's revenue potential.
Metro Mining significantly improved its financial position in 2024 by fully repaying junior debt, restructuring senior debt on more favorable terms, and successfully negotiating long-term freight contracts that substantially reduced shipping costs.
Ending 2024 with approximately AU$42 million in cash and trade receivables, the company is positioned for robust financial flexibility and strength. With a simplified and deleveraged balance sheet, Metro is well-equipped to execute its growth strategy and enhance shareholder value.
Metro Mining is led by a seasoned management team with deep expertise in bulk commodities, operational optimization, and corporate strategy, emphasizing sustainable growth and shareholder value creation.
Company Highlights
- Metro Mining stands out as one of the world's only publicly listed, pure-play producers of high-quality direct shipping bauxite ore, crucial for aluminum production.
- Metro Mining’s flagship asset, the Bauxite Hills mine, benefits from proximity to Asian markets, short haul distances, and a highly scalable, low-cost marine transportation system, ensuring industry-leading operating margins.
- Metro’s production capacity nearly doubled from approximately 3.5 Mt in 2020 to just under 6 Mt in 2024, a 24 percent increase year-over-year. Metro plans further capacity expansion to between 6.5 and 7 Mt by the end of 2025.
- Targeting a delivered bauxite cost below US$30 per dry ton CIF China, leveraging low strip ratios, minimal overburden (0.5m), no blasting requirement, and highly efficient marine logistics, positioning the company firmly within the lowest quartile of global producers.
- The company ended 2024 with a strong financial position by repaying AU$39 million in junior debt, restructuring senior debt to more favorable terms, and securing long-term freight contracts, reducing shipping costs by approximately US$3/WMT. Metro ended 2024 with around AU$42 million in cash and trade receivables, enhancing financial flexibility for future growth.
- Metro Mining maintains robust environmental and social governance, evidenced by receiving the Association of Mining and Exploration Companies’ 2024 Environment Award.
Key Project
Bauxite Hills Mine (Queensland, Australia)
Metro’s flagship asset, the Bauxite Hills Mine, is a low-cost, high-quality DSO operation with total resources of 118.7 Mt, including proven and probable resources of 83.2 Mt. The mine benefits from minimal overburden of just 0.5 meters, short average haul distances of 9 km, and no requirement for blasting, contributing to exceptionally low production costs. Production capacity is set to expand from current levels to approximately 7 million wet metric tonnes (WMT) annually by 2025.
The mine has achieved sustained daily production rates of approximately 30,000 WMT, supported by efficient marine logistics utilizing Capesize vessels and specialized tug and barge systems. Robust off-take agreements are in place with major industry players, including Chalco, EGA, Xinfa Aluminium and Lubei Chemical.
Kaolin Deposit (part of Bauxite Hills)
Metro’s Bauxite Hills property also contains a significant kaolin deposit beneath its bauxite resources. The company is advancing a definitive feasibility study for kaolin extraction, evaluating potential market entry strategies, mine planning and product market testing.
This project represents a potential new revenue stream, with applications spanning ceramics, paper manufacturing, paint and other industrial uses.
Management Team
Simon Wensley – CEO and Managing Director
Simon Wensley is a proven industry leader with extensive experience in mining operations and strategic growth. He spent 20 years at Rio Tinto in various operational, project and leadership roles across commodities, including iron ore, industrial minerals, bauxite, alumina, coal and uranium.
Douglas Ritchie – Non-Executive Chair
Douglas Ritchie brings more than 40 years' experience in resources, previously holding senior leadership roles at Rio Tinto, including CEO of Rio Tinto Coal Australia, chief executive of the Energy Product Group, and group executive of strategy.
Nathan Quinlin – CFO
Nathan Quinlin is experienced in financial strategy and cost optimization, previously serving as finance and commercial manager at Glencore’s CSA mine, managing finance, risk management and life-of-mine planning.
Gary Battensby – General Manager and Site Senior Executive
Gary Battensby has extensive experience in managing large-scale metalliferous mining operations, budget control and regulatory compliance. He previously oversaw teams of up to 350 staff and operations with substantial CAPEX and operational responsibilities.
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Pure-play low-cost producer of high-grade Australian bauxite
25 August
Metro Mining Eyes 7 Million Tonnes of Bauxite Production by Year End
Australian bauxite producer Metro Mining (ASX:MMI) is targeting up to 7 million tonnes of production by the end of 2025, as the company executes on its plan to expand capacity and lower production costs.
“Economies of scale are by far the most important lever that we're pulling to get down to that cost number,” said Simon Wensley, Metro Mining’s managing director, in a recent Investing News Network interview, noting that optimisation and expansion will drive costs down to US$30 per dry metric tonne delivered.
“And if we can achieve that number, we will be the lowest-cost producer in that marginal market of China,” he said.
Bauxite is the primary ore used to produce aluminium, a valuable, lightweight metal essential to almost all aspects of the global energy transition. Demand for aluminium is expected to significantly increase over the next few years, driven by increased activity in the transportation, electric vehicle and clean energy sectors.
Metro Mining has already produced and sold more than 2 million tonnes of its production in the second half of 2025, Wensley said. He added that the company expects a “very strong” second half, with production volumes expected to reach between 4.5 million and 5 million tonnes by year end.
“Over the next months and the next quarter, we should see real demonstration of that expanded capacity flowing through the market," he noted.
Watch the full interview with Simon Wensley, managing director of Metro Mining, above.
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21 August
Bauxite Investing: Securing Supply Amid Tightening Aluminum Market
In the race to decarbonise and modernise infrastructure, the world’s attention has largely been fixed on battery metals like lithium, nickel and cobalt. But behind the headlines, another mineral is just as critical — bauxite, the primary ore from which all the world’s aluminum is produced.
Infographic via Metro Mining.
Across North America, Europe and Asia, governments now recognise aluminum as a strategic material critical to 21st-century infrastructure and decarbonsation efforts. The US has included aluminum in its 2023 critical materials list, while the EU has added it under its Critical Raw Materials Act.
Surging demand, fragile supply
Rapidly growing bauxite demand is increasingly colliding with a supply base concentrated in just a handful of producers. Australia, Guinea and China account for roughly 65 percent of global output, underscoring the sector’s vulnerability to regional disruptions. Grand View Research projects an expanding global bauxite market driven by sustained demand from electric vehicles (EVs), lightweight transport and renewable infrastructure.
At the same time, geopolitical turbulence is affecting supply reliability.
Guinea, which has the world’s largest bauxite reserves, recently revoked some 51 mining licences — mostly targeting underperforming or inactive concessions — as part of broader regulatory reform. Even so, exports surged 36 percent year-on-year in H1 2025 to a record 99.8 million tonnes, and are projected to reach nearly 200 million tonnes annually. Chinese demand continues to remain robust, despite ongoing regulatory shakeup in Guinea.
Amid this supply concentration dynamic, geopolitical risk factors are now coming into play, where both investors and companies down the value chain are placing increased emphasis on securing stable supply sources.
While Guinea remains a critical supplier, its shifting regulatory landscape underscores the strategic value of sourcing bauxite from politically stable, low-cost jurisdictions such as Australia, where supply security is far less vulnerable to geopolitical disruption.
Infographic via Metro Mining.
Metro Mining: A strategic pure play
Based at Skardon River, 95 kilometres north of Weipa in Queensland Cape York Peninsula, Metro Mining’s (ASX:MMI) flagship Bauxite Hills Mine produces high-grade “Weipa-style” direct shipping ore with minimal processing requirements.
Its operations are streamlined — short haul distances, low strip ratios, no blasting — and logistics are optimised through efficient barge loading facilities and transhipping systems. These efficiencies have allowed Metro to expand production capacity to 7 million tonnes per year while driving down costs.
Infographic via Metro Mining.
Over the past four years, Metro has executed a disciplined turnaround strategy — recapitalising, improving operational resilience and securing quality offtake agreements. In Q2 2025 alone, the company delivered record production of 1.7 million wet metric tonnes and a site EBITDA margin of AU$32 per tonne, an impressive improvement from just AU$18 per tonne at the end of 2024. With 80 percent of volumes sold under quarterly contracts, pricing visibility is strong.
Infographic via Metro Mining.
Financially, Metro is on solid ground: a market cap of AU$430 million, secured debt of US$56.6 million, cash of AU$28.7 million and no warrants outstanding. The company is fully hedged for 2025 at a rate of 0.63 US$:AU$, further insulating it from currency swings.
Beyond operational and financial metrics, Metro’s ESG credentials are notable. About 30 percent of its workforce is Indigenous, it has injected AU$5.7 million into Indigenous-owned businesses, and it actively supports community development programs across Far North Queensland.
Looking ahead, Metro is targeting an expansion to 8 million tonnes per year by 2026, along with low-capex debottlenecking projects and exploration programs that could extend mine life well beyond the current 16-year reserve and resource profile. With alumina and aluminum demand set to climb in the clean energy and EV sectors, Metro offers investors a rare combination: low-cost operations, secured market access and scalability in a commodity that is only growing in strategic importance.
Investor takeaway
Bauxite may not yet enjoy the same media spotlight as battery metals, but its role in the energy transition is fundamental. Aluminum is the metal that builds the future — light enough for EVs, strong enough for skyscrapers and infinitely recyclable. Metro offers pure-play exposure to this growth story from one of the most reliable supply bases in the world.
For investors seeking a resilient, strategically positioned mining stock with both yield and growth potential, Metro deserves a place on the watchlist — and perhaps in the portfolio.
This INNSpired article is sponsored by Metro Mining (ASX:MMI). This INNSpired article provides information which was sourced by the Investing News Network (INN) and approved by Metro Mining in order to help investors learn more about the company. Metro Mining is a client of INN. The company’s campaign fees pay for INN to create and update this INNSpired article.
This INNSpired article was written according to INN editorial standards to educate investors.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Metro Mining and seek advice from a qualified investment advisor.
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27 April
Quarterly Activities/Appendix 5B Cash Flow Report
20 March
Metro Mining: Pure-Play Low-cost Producer of High-grade Australian Bauxite
Metro Mining (ASX:MMI) is a low-cost, high-grade Australian bauxite producer, offering a unique pure-play investment in the aluminum supply chain. The flagship Bauxite Hills Mine on the Skardon River is strategically situated 95 km north of Weipa, Queensland, covering a tenement area of approximately 1,900 square kilometers. As of 31 December 2023, the project holds a substantial total bauxite resource of 118.7 million tons (Mt), including 83.2 Mt of reserves, consisting of high-quality direct shipping ore (DSO) that requires no processing.
Production at Bauxite Hills Mine is ramping up to a sustained throughput of over 7 Mt per annum, solidifying Metro Mining’s position as one of the world’s lowest-cost bauxite producers. With an additional capacity increase planned for 2025, the company is well-positioned to capitalize on strong bauxite prices and growing demand from key Asian markets, particularly China.
The Bauxite Hills Mine leverages its close proximity to Asian markets, short-haul distances, and a highly scalable, cost-efficient marine transport system, enabling industry-leading operating margins.
Company Highlights
- Metro Mining stands out as one of the world's only publicly listed, pure-play producers of high-quality direct shipping bauxite ore, crucial for aluminum production.
- Metro Mining’s flagship asset, the Bauxite Hills mine, benefits from proximity to Asian markets, short haul distances, and a highly scalable, low-cost marine transportation system, ensuring industry-leading operating margins.
- Metro’s production capacity nearly doubled from approximately 3.5 Mt in 2020 to just under 6 Mt in 2024, a 24 percent increase year-over-year. Metro plans further capacity expansion to between 6.5 and 7 Mt by the end of 2025.
- Targeting a delivered bauxite cost below US$30 per dry ton CIF China, leveraging low strip ratios, minimal overburden (0.5m), no blasting requirement, and highly efficient marine logistics, positioning the company firmly within the lowest quartile of global producers.
- The company ended 2024 with a strong financial position by repaying AU$39 million in junior debt, restructuring senior debt to more favorable terms, and securing long-term freight contracts, reducing shipping costs by approximately US$3/WMT. Metro ended 2024 with around AU$42 million in cash and trade receivables, enhancing financial flexibility for future growth.
- Metro Mining maintains robust environmental and social governance, evidenced by receiving the Association of Mining and Exploration Companies’ 2024 Environment Award.
This Metro Mining profile is part of a paid investor education campaign.*
Click here to connect with Metro Mining (ASX:MMI) to receive an Investor Presentation
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12 March
Trump Threatens to Double Tariffs on Canadian Steel and Aluminum, Ford Mulls Energy Surcharge
In a dramatic escalation of trade tensions, US President Donald Trump announced on Tuesday (March 11) that tariffs on Canadian steel and aluminum imports could be doubled to 50 percent.
The move came in response to Ontario Premier Doug Ford’s threat to impose a 25 percent surcharge on electricity exports to the US, a measure that would affect about 1.5 million homes in New York, Michigan and Minnesota.
Ford’s proposal was aimed at pressuring Trump to withdraw existing tariff threats against Canada.
Instead, the American leader ramped the situation up further.
Trump took to his Truth Social platform to confirm his directive to Secretary of Commerce Howard Lutnick, stating that all imported steel and aluminum from Canada will now face 50 percent tariffs.
He reiterated his longstanding grievances over Canadian trade protections, particularly in the dairy and automotive sectors, and warned that auto tariffs will also increase unless Canada eliminates “other egregious, long-time tariffs.”
“Why would our Country allow another Country to supply us with electricity, even for a small area? Who made these decisions, and why?” Trump wrote, adding that Canada will pay a high financial price for its actions.
Ontario’s premier was defiant in the face of Trump’s retaliatory move.
Speaking to MSNBC, Ford said, “We will not back down. We will be relentless. I apologize to the American people that President Trump decided to have an unprovoked attack on our country.”
However, in a surprising turn of events, Ford announced the same evening that he would suspend the planned 25 percent surcharge on electricity exports to the US after discussions with Lutnick.
The two sides agreed to meet on Thursday (March 13), alongside members of the Office of the US Trade Representative, to discuss a renewal of the US-Mexico-Canada Agreement before the auto tariff deadline on April 2.
“In response, Ontario agreed to suspend its 25 percent surcharge on exports of electricity to Michigan, New York, and Minnesota,” Ford said in a statement posted on X, formerly Twitter.
Trump responded positively to the move and hinted at a potential softening of his stance on tariffs. “Probably so,” he told reporters when asked if he would consider lowering the 50 percent tariffs. “I’ll let you know.”
Following Ford’s announcement, major stock indexes rallied, reversing some of the day’s earlier losses.
The escalation comes at a precarious moment for Canada.
Prime Minister Justin Trudeau is in the process of stepping down, and while his successor Mark Carney is set to formally assume office this week, he has been unable to engage with Trump directly until officially sworn in.
Market and business fallout
Trump’s decision has already had far-reaching consequences in financial markets.
The S&P 500 (INDEXSP:.INX) slid more than 1 percent on Tuesday (March 11), while Canada's S&P/TSX Composite Index (INDEXTSI:OSPTX) fell by 0.6 percent on the same day.
For its part, the Canadian dollar dropped to a one week low against the US dollar. Meanwhile, the price of aluminum in the US physical market soared to a record high above US$990 per metric ton in response to the tariffs.
Broader 25 percent tariffs on all steel and aluminum imports to the US from other countries will take effect on Wednesday (March 12). Additionally, Trump has threatened further tariffs on auto imports by April 2, creating significant uncertainty for manufacturers and businesses that rely on cross-border trade.
CEOs of major American firms were set to meet with Trump late on Tuesday, but it remains unclear whether they will challenge the president's aggressive trade policies.
With negotiations set for later this week and further tariffs looming, the trade standoff between the US and Canada remains volatile. Whether the two sides can de-escalate tensions before the April 2 auto tariff deadline remains uncertain, but for now, businesses and consumers are bracing for further economic disruption.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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