Queensland Government approves NAIF’s $4.75 million loan facility for Metro Bauxite Stage 2 Expansion
The Queensland Treasury has reportedly informed Metro Mining Limited that the State Government has decided to not exercise veto right regarding the Metro's Bauxite Hills Mine Expansion proposal.
In late 2019, the Northern Australia Infrastructure Facility (NAIF) had announced to offer a Loan Facility of up to $47.5 million to Metro Mining for its Bauxite Hills Mine stage 2 expansion to 6 million wet metric tonnes per annum. But the key condition was the Queensland Government’s consideration of the project and its agreement for the approved funds to be advanced.
The $4.75 million loan facility is supposed to fund the construction and mobilisation of a floating terminal as part of the stage 2 expansion, which is a critical part of Metro’s medium to long term growth.
Metro Mining's Managing Director and Chief Executive Officer Simon Finnis said: "We were pleased to secure the loan offer from NAIF and delighted the Queensland State Government has supported our expansion plans which will greatly benefit our stakeholders in Northern Australia - the purpose of NAIF.”
He has extended his acknowledgement to the Federal and State Members of Parliament and Ministers for the support and mentions of Metro's professional experience with NAIF and State Treasury Officers.
Simon Finnis said, "Metro's Bauxite Hills Mine is now back in operation for 2020 and we're hopeful for another successful operational year."
source: ALCIRCLE.COM
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