Metro Mining has released its annual results for 2024, celebrating record margins on the back of its $36 million expansion project at the Bauxite Hills operation on Cape York.

The year saw Metro complete the commissioning of its Ikamba Offshore Floating Terminal (OFT) and port infrastructure upgrades for the bauxite operation.

The full expansion works included a new haulage fleet, upgraded loading capacity at pit and port, new wobbler screening circuit, two additional tugs and the OFT.

Headline results for 2024 included:

• 24 per cent increase in shipped production to 5.7 million WMT (tmetric tonnes)
• 30 per cent increase in revenue to $307 million
• 100 per cent increase in underlying EBITDA to $37 million
• 35 per cent reduction in net debt

Record shipments and a strong pricing environment in 2024 contributed to the 30 per cent year-on-year revenue increase.

Metro reported site EBITDA margins of $13.8 /WMT and $17.4 /WMT in Q3 and Q4 respectively, resulting in a 100 per cent increase in underlying group earnings (EBITDA) to $37 million.

“Metro has turned in a combination of record results for 2024, especially in the second half, as we ramped up the expansion,” chief executive officer and managing director Simon Wensley said.

“I expect to see further economies of scale flowing through in 2025 as we lift production by a further 20 per cent, with continued strong traded bauxite demand flowing through to improved margins.”

The final quarter of the year saw the Bauxite Hills mine demonstrate its capacity to consistently operate at the expansion project target rate of 7 million wet metric tonnes (WMT) per annum.

Following the pause for major maintenance in the wet season, Metro expects to recommence operations in the second half of March with shipment guidance of 6.5 to 7.0 million WMT for 2025.