Keeping You Informed | 3 August 2021FLOATING CRANE BARGE TO JOIN METRO'S MARINE FLEET
This is my first “Keeping You Informed” since my recent appointment as Managing Director and CEO. I realise ongoing communication is essential and will keep you informed of major developments as they occur.
To those who do not know me, I bring to the role at Metro over 30 years' experience in the metals and mining business. Importantly, this includes holding the Chief Commercial Officer position of Rio Tinto’s Energy Group and running its bauxite, alumina sales and marketing division.
Metro has faced, and continues to face, some considerable challenges. Much of this can be attributed to worldwide disruptions that we, as a standalone company, cannot immediately rectify. Having said that, the incoming management team are moving fast to address those issues over which we do have control.
We have a laser like focus on costs, productivity and sales. We will continue to cut costs where possible and constantly maintain our drive to improve productivity. This will not be at the cost of ensuring a safe and harmonious work environment. Negotiations are continuing for additional sales and I have spent considerable time liaising with existing and potential new customers.
In a move that I believe will be transformational to our business we have moved swiftly to add a floating crane barge to our marine fleet at Bauxite Hills. (see Announcement here) The floating crane barge should be operational in the 4th quarter of this year and is expected to reduce our freight rates from US$24 per wet metric tonne (WMT) to around US$12 -US$14 per WMT.
It’s important to note that whilst the floating crane barge has a projected capacity of approximately 4 million WMT, Metro’s expansion strategy to move to an annual production of 6 million tonnes remains.
Within two weeks of joining the company I visited Bauxite Hills to personally meet as many of the team as possible. I was impressed by the work ethic and the eagerness to engage in positive and constructive conversation around ideas to improve productivity quickly.
Metro remains committed to a harmonious and mutually respectful working relationship with our traditional owner partners. We are proud of our indigenous employment record and we will continue to strive to create ongoing opportunities.
The Quarterly Report was released on Wednesday (see Report here).
I would like to take this opportunity to thank the Metro team for their welcome and ongoing commitment to the company. Likewise, I would also like to thank our shareholders, business partners and other stakeholders for their ongoing support.
Yes, we have challenges. I believe, we also have an enormous opportunity to further development and grow a company of which we can all be proud.
Kind regards Simon Wensley | Managing Director & CEO
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