SMM7 22 July news: Metro Mining Ltd. of Australia Its reserves and resources were updated one year after its bauxite mine began operation on July 18. According to the company, the new figures mean that the mine's mining life could be extended to 2037, three years longer than previously estimated.
In its latest report, Metro said its total reserves for bauxite mines were estimated at 109.5 million wet metric tons, with an estimated estimate of 18.8 per cent in 2017. By pointing out changes in the conversion of additional resources to reserves and moisture assumptions, the company increased the percentage from 10 per cent to 12 per cent, resulting in an increase of 17.3 million wet metric tons. According to Metro, the increase in water assumptions is the result of the actual situation observed in the course of operation.
Metro cut its total resources for bauxite to 138.2 million tons from a forecast of 4.6 per cent in 2017. The company said the decline was the result of three main factors-bauxite mined so far, a relatively conservative dry bulk density of 1.83, and inferred small areas of resources removed from total reserves as a result of filling drilling results.
The total measurement resources of Metro are estimated at 78.1 million tons dry tons, an increase of 42.8 per cent over the 2017 estimate. The company said the decline was due to increased confidence in the resource, coupled with a small increase in alumina and silica levels on site.
Simon Finnis (Simon Finnis), managing director and chief executive of Metro Mining, said the latest figures bode well for the future of the project.
"We are pleased to report that the increase in reserves has effectively extended the mining life of bauxite mines and increased confidence in total resources. So far, the mining results are in good agreement with the resource and reserve models. The results of this update show that our confidence in the project has increased. "
Metro Mining, headquartered in Brisbane, was MetroCoal Ltd. in 2014 After acquisition from Cape alumina Ltd. It was spun off and began to operate from now on. The company has more than 500square miles of mining rights west of Cape York, second only to Alcan (Rio de Janeiro Tinto Alcan).
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