Metro wraps up Gulf Alumina takeover

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Image credit: www.metromining.com.au

Metro Mining has completed the compulsory acquisition for all the shares that it didn’t own in Gulf Alumina Limited.

Image credit: www.metromining.com.au

Metro said it will now proceed to combine Gulf’s Skardon Rover Bauxite Project with its Bauxite Hills Project to create long life, low capital cost and high margin Australian bauxite project.

The move is also expected to double Metro’s reserve of direct shipping ore bauxite from 48 to 96.5 million tonnes to create one of the largest independent projects within the internationally acclaimed Weipa bauxite producing region.

“Metro Mining welcomes all Gulf shareholders who have now become shareholders in Metro and will benefit in the value created though a joint development of the assets,” the company told the ASX.

“Metro will proceed to fully integrate Gulf’s Skardon tenements into Metro’s Bauxite Hills Mine and will incorporate the use of Gulf’s existing infrastructure into the Bankable Feasibility Study (BFS) that is expected to be completed in the coming weeks.”