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Metro Mining (MMI) - Compelling BFS for Bauxite Hills

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Metro Mining has released an updated Bankable Feasibility Study (BFS) for the Bauxite Hills project in Queensland, Australia. The direct shipping bauxite ore (DSO) project boasts annual EBITDA of $145mpa, a $601m NPV10 and an 81% IRR. This is the first study to incorporate the newly acquired Gulf Alumina tenements which effectively double the Ore Reserve and give access to established haul roads and a cleared barge loadout site. In comparison to the January 2016 Pre-Feasibility Study (PFS), steady state mining has increased from 4Mtpa to 6Mtpa, total delivered cash operating costs have declined ~$3.00/t to $34.70 and initial development capex declined from $40.1m to $35.8m. A key change to the initial study is an additional $36.7m capex in years 2-3 for expansion capex to take the project from 2Mpta to 6Mtpa. BUY recommendation with a $0.44 target price.

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