Metro Mining has completed raising all funding required to begin construction of the Bauxite Hills mine in North Queensland.
The company completed a bookbuild to raise $38 million, at an issue price of $0.135 per share. It was heavily oversubscribed due to strong support from existing shareholders and demand from new domestic and international investors.
Metro Mining managing director Simon Finnis welcomed the financial support and called the response from investors “exceptional”.
The funding also means the company can begin construction works at Bauxite Hills.
“We are fully funded and are now immediately commencing full construction of the Bauxite Hills Mine,” Finnis said.
Metro Mining secured the final environmental approval for the mine in June. Based on the company’s feasibility study, planned production for the mine is 2Mtpa, which will increase to 6Mtpa over the first four years.
“Metro will become a leading Cape York bauxite producer early next year,” Finnis added.
The mine is expected to employ up to 200 workers once operational.