DESPITE starting the quarter with A$17 million cash and first revenue being received two weeks ago from its new Bauxite Hills operation in Queensland, Metro Mining has decided to shore up its balance sheet by returning cap-in-hand to equity investors seeking $15 million.
he new shares to be issued are being priced at 20c, with the stock down about 30% on levels the stock was trading at earlier this year.
Metro said its mining and ramp-up at Bauxite Hills were delayed earlier this year by an extended wet season and a site excavation for a cyclone, while operational issues have also negatively impacted.
However Metro said screen and barge loading commissioning issues have largely been resolved while ruck and haulage fleet availability is now approaching budgeted levels.
Bauxite shipped in the June quarter is currently flagged to reach the lower end of previously stated guidance, while forecasts for the September and December quarters have been upped.
Metro expects to ship 2 million tonnes of bauxite of in 2018 and 3Mt next year.
Shares in Metro were at 21c ahead of the current fund raising, with the stock at levels around 15c 12 months ago.
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