Metro Mining has updated its reserves at the Bauxite Hills mine in Queensland, resulting in a significant upgrade to the company’s alumina and silica output.
The news comes after Metro recommenced its Bauxite Hills operations last month, having expanded the site’s capacity from three million to 3.5 million tonnes a year following delays due to a cyclone.
Metro’s total JORC 2012 proved and probable reserves have now increased by 18.8 per cent to 109.5 million tonnes, up from 92.2 million tonnes in March 2017.
The improved conversion could add a three-year extension to Bauxite Hills’ mine life to 2037 at an expanded annualised rate of six million tonnes, subject to approval by Metro’s board.
Metro’s increased reserve at Bauxite Hills comes from additional conversion of existing resources, as well as a change in moisture assumption from 10 to 12 per cent.
This has led to a subsequent 4.6 per cent decrease in the mine’s total resource from 144.8 million tonnes to 138.2 million tonnes.
“We are pleased to report the increase in reserve, effectively extending the mine life of Bauxite Hills, and the greater level of confidence in the total resource,” said Metro managing director and chief executive officer Simon Finnis.
“There has been strong reconciliation from the results of mining to date and the resource and reserve model. The results of this update demonstrate our increased confidence in the project.”