MMI Achieves Production Guidance Of 2018- Share Price Zooms By 10.345%

  • Dec 31, 2018 AEDT
  • Team Kalkine
MMI Achieves Production Guidance Of 2018- Share Price Zooms By 10.345%

Metro Mining Limited (ASX: MMI) declares its achievement of 2018 on 31 December 2018. The company was successful in shipping 2,037,106 Wet Metric Tonnes (WMT) of bauxite to China. Through the MV Sadlers Wells, the company was able to load the 33rd and final vessel for 2018 on 28 December 2018 which got departed to China.

In the third week of December, north Queensland encountered ex-Tropical Cyclone, and the region remains wet for six days. Even though the ship loading activities got suspended during the period, the company was able to load around 220,000WMT of bauxite was loaded this month which indicates the company’s efficiency and commitment towards its work. 

MMI also confirms the termination of the Mining Services Agreement with SAB Mining. It now has plans for the transition of Owner/Operator for the mining operation. Now, as the mining and shipping are complete for 2018, the company expects that it will recommence in April 2019. Meanwhile, the company is working on its transition of the owner/operator model.

Simon Finnis who is the Managing Director and CEO of Metro Mining, on behalf of the entire team of MMI thanks SAB Mining for its support during the construction phase. He also feels immensely proud to disclose the achievement of the guidance report.

The official listing date of Metro Mining Limited on ASX is 4 December 2009. Throughout the entire period, its performance was -18.72%. The five-year performance was quite impressive which was 501.47%. However, the last one-year performance of the company is -43.14%.

For the FY208, the company incurred a net loss of $17.640 million which is attributable to the owners of the company. The balance sheet of MMI looks healthy as the company has maintained a net asset base of $118.935 million and a debt to equity ratio of 0.545. It also indicates that the company is capable of meeting the long-term obligations and it prefers to fund any financial requirement from within its existing reserves and assets instead of approaching other outside financial support. The company has a total current asset of $45.162 million and a total current liabilities of $27.056 million which indicates that it holds sufficient funds to support its working capital requirement and clear its short-term debt. However, there is an increase in the accumulated losses which could have a negative impact on the shareholders as the shareholder’s wealth got eroded in the period. The total shareholder’s equity is worth $118.935 million.

The net cash and cash equivalent by the end of the financial year 2018 were $23.295 million.

At present, the market price of the share is A$0.160 (AEST: 2:24 pm, 31 December 2018) which is 0.015 points above the previous trading day’s closing price with the market capitalization of $200.71 million.


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