http://argonaut.com/news/latest-research/2946-metro-mining-mmi-co...

http://argonaut.com/news/latest-research/2946-metro-mining-mmi-compelling-bfs-for-bauxite-hills.html

"Metro Mining (MMI) - Compelling BFS for Bauxite Hills

Created on Friday, 17 March 2017 10:41

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."


" Initial capital cost of A$35.8 million (including 10% contingency);
 Average annual EBITDA of A$145 million;
 After tax NPV10 of A$601 million;
 After tax IRR of 81%;
 Life of mine revenue of A$5.7 billion and life of mine EBITDA of A$2.5 billion. 17-year initial mine life with production to commence in April 2018 at an initial rate of 2Mtpa ramping up to a steady state 6Mtpa over the first four years."