Metro Mining (ASX:MMI) is developing its Bauxite Hills Project at Cape York, Queensland, that could start direct shipping ore production by the end of 2016.
The company is now in an ASX trading halt in connection with its fundraising initiatives.
This will last until the earlier of the announcement being made or the start of trade on Thursday, 16th July 2015.
In June, Metro Mining increased Ore Reserves at Bauxite Hills by 398% to 48.2 million tonnes, enough for a 27 year mine life at a rate of up to 2 million tonnes of direct shipping ore per annum.
The Bauxite Hills Project is situated 95 kilometres north of Weipa on Queensland’s Cape York Peninsula and five kilometres south-east of the port at Skardon River.
It has a high grade total alumina of 50.2% and reactive silica of 6.3%, which is typical of Western Cape York bauxite deposits destined for export.
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