Metro Mining Ltd has announced completion of the Bankable Feasibility Study (BFS) for the Bauxite Hills Mine, confirming strong financial returns from the project and demonstrating the benefits from acquiring Gulf Alumina Limited (Gulf). The BFS was completed by MEC Mining, an independent and highly reputable Mining Consultancy firm, supported by a number of specialist consulting firms.
It is a significant milestone in Metro’s strategy to become a leading independent bauxite producer. The BFS confirms the ability to complete construction during 2017 and commence bauxite production and sales exports in 2Q18, as soon as possible after the end of the wet season.
Since the completion of the 4 million tpa PFS, Metro has completed the analysis of the BH1 boreholes drilled previously at 80 m centres and has updated the geological model to include these results. The geological model has also been updated to include the Gulf Alumina Ltd resources.
The study identified a proved ore reserve of 41.8 million t (50.7% total Al2O3, 10.9% total SiO2); direct shipping ore (DSO) and a probable ore reserve of 6.4 million t (49.3% total Al2O3, 13.4% total SiO2) Direct Shipping Ore (DSO) compliant with the JORC 2012 code.
The final environmental approvals are expected by mid-2017 with construction planned to commence shortly thereafter, subject to finance being in place. All construction is expected to be completed during the dry season of 2017.
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