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METRO MINING LIMITED (MMI)

Click here for free access to this company's:
ASX, Legal & CGT Status

Former (or subsequent) names

 FROMTO
METRO MINING LIMITED08/12/2014
METROCOAL LIMITED08/12/2014

Shareholder links

Our website ranking of MMI: rating 4
(4 out of 5)
COMPANY WEBSITE:

 

REGISTRY:

Computershare Brisbane
Level 1, 200 Mary Street Brisbane QLD 4000
Tel : +61 (0)3 9415 4000 or 1300 850 505 (within Australia)
Fax : +61 7 3229 9860
RegistryWebsite RegistryEmail

Company details

ISIN: AU000000MMI6
Address: Level 4, 135 Wickham Terrace Spring Hill, Brisbane, Queensland 4000 Australia
Tel:  +61 (7) 3009 8000Fax: +61 (7) 3221 4811

Date first listed: 04/12/2009
Company Secretary: Robin Bates
Sector: Energy Industry Group: XEJ
Activities: Emerging coal based fuel and energy company focused on conventional mining operations as well as Underground Coal Gasification

News & Events

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The suspension of trading in the securities of Metro Mining Limited will be lifted immediately, following the release by MMI of an announcement regarding the results of MMI's Accelerated Non-Renounceable Entitlement Offer.

28/06/2021

Metro has received commitments of A$10.0 million comprising a A$3.3 million placement, which was fully subscribed, and A$6.7 million from the accelerated non-renounceable entitlement offer (including placement of shortfall and entitlements of ineligible holders). The institutional component of the equity raising satisfied the minimum subscription condition of A$10 million. The proceeds will provide Metro with working capital to strengthen its balance sheet until the NAIF funding decision and Metro FID for Stage 2 Expansion. The institutional component was supported by Metro's largest shareholder, Greenstone (19.67% interest), who committed to take up its proportionate interest in the placement and nonrenounceable entitlement offer, representing a total commitment of A$5 million. Senior secured lender, Lambhill Pty Limited (and associated entities), participated in the nonrenounceable entitlement offer in full, and applied for additional shortfall shares.

28/06/2021

The company advises the correction of a typographical error in the Equity Raising Announcement released 25 June 2021: Page 3 of the Equity Raising Announcement under "Key Dates": Allotment of new shares under the retail entitlement offer should be 22 July 2021 (the Equity Raising Announcement referred to 28 July 2021); Trading of new shares under the retail entitlement offer should be 23 July 2021 (the Equity Raising Announcement referred to 29 July 2021).

25/06/2021

The company releases a notice of proposed issue of securities - MMI.

25/06/2021

The company releases an Investor Presentation.

25/06/2021

Equity Raising of up to A$25.5 million comprising a A$3.3 million placement and a pro-rata accelerated non-renounceable entitlement offer to raise A$22.2 million. Equity Raising proceeds will provide Metro with working capital to strengthen its balance sheet until the NAIF funding decision and Metro FID for Stage 2 Expansion. Metro's largest shareholder, Greenstone (19.67% interest) has committed to take up its proportionate interest in the Equity Raising, representing a total commitment of up to A$5 million. Senior secured lender of Metro, Lambhill Pty Ltd, has confirmed its intention to take up its entitlement in full. Metro's supportive senior secured lenders have deferred debt repayments by up to 21 months until 2023 / 2024. Two sales contracts recently signed with foundation customer Xinfa Group and two sales contracts with other customers in the latter stages of negotiation. NAIF credit refresh program underway with the NAIF funding decision and Metro FID for Stage 2 Expansion targeted by September / October 2021. Strengthened Board and management team with deep industry experience, and orderly transition of the Managing Director and Chief Executive Officer underway.

25/06/2021

The company is still not in a position to make an announcement at this time regarding ongoing negotiations with existing lenders of Metro Mining in relation to a potential bridge finance facility. To provide some certainty that it is appropriately funded in the short-term, Metro Mining is also progressing discussions with parties about a potential equity raising. Metro Mining expects that it will be in a position to release the Announcement by no later than Monday, 28 June 2021.

23/06/2021

The company announces the estructure and extension to the repayment terms of its existing debt facilities owed to Ingatatus AG and Lambhill Pty Ltd: new amortisation schedule of the A$20.0M facility with Ingatatus AG is as follows: maturity on 1 December 2023, 3 equal principal repayments on 1 June 2023, 1 Sept 2023 and 1 Dec 2023 (previously 1 Sept 2021, 1 July 2022 and 1 Sept 2022). New amortisation schedule of the A$7.5M facility with Ingatatus is as follows: Maturity on 1 December 2023 (previously 1 January 2023) and 3 equal principal repayments on 1 June 2023, 1 Sept 2023 and 1 Dec 2023 (previously 1 July 2022, 30 Sept 2022 and 1 January 2023). New amortisation schedule of the A$7.5M facility with Lambhill is as follows: Maturity on 1 August 2024 (previously 1 January 2023) and 3 equal principal repayments on 1 July 2023, 1 October 2023 and 1 August 2024 (previously 1 July 2022, 30 Sept 2022 and 1 January 2023).

21/06/2021

The company is still not in a position to make an announcement at this time regarding ongoing negotiations with existing lenders of Metro Mining in relation to a potential bridge finance facility. To provide some certainty that it is appropriately funded in the short-term, Metro Mining is also progressing discussions with parties about a potential equity raising.

21/06/2021

The company is still not in a position to make an announcement at this time regarding ongoing negotiations with existing lenders of Metro Mining in relation to a potential bridge finance facility. Those negotiations are ongoing and, to provide some certainty that it is appropriately funded in the short-term, Metro Mining is also progressing discussions with parties about a potential equity raising. Metro Mining expects that it will be in a position to release the Announcement by no later than Monday, 21 June 2021.

15/06/2021

The company has signed two additional Binding Offtake Agreements with China's Xinfa Group. There is a total commitment for 7 million dry metric tonne (DMT). First contract is from April to September 20222 and the second contract is from October 2022 to September 2025.

10/06/2021

The company is still not in a position to make an announcement at this time regarding ongoing negotiations with existing lenders of Metro Mining in relation to a potential bridge finance facility. Metro Mining is continuing to actively progress these negotiations with its existing lenders and is hopeful that terms can be agreed and finalised with them during the course of the next week.

07/06/2021

The company is not in a position to make an announcement at this time regarding ongoing negotiations with existing lenders of Metro Mining in relation to a potential bridge finance facility. Negotiations with the existing lenders are progressing but have not yet been finalised. Metro Mining expects that it will be in a position to release the Announcement by no later than Monday, 7 June 2021. Loading of ships recommenced 1 June 2021 after a short suspension of 7 days. As noted at the recent Metro Mining AGM, given high ocean freight rates the company has been selective with the scheduling of shipments which has, and will continue to cause, gaps in our shipping schedule. However, 2021 production and shipping forecasts at this time remain unchanged.

03/06/2021

The securities of Metro Mining Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of MMI, pending the release of an announcement regarding negotiations with existing lenders of MMI in relation to a potential bridge financing facility.

27/05/2021

name changed from Metrocoal Limited

08/12/2014

 

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    Click here for free access to this company's:
    ASX, Legal & CGT Status

    Directors' on-market share transactions (last 5)

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    Purchases Sales

    DATEDIRECTORNUMBERPRICEAMOUNT
    09/06/2023Fiona Murdoch600,000$0.020$11,970
    20/12/2021Fiona Murdoch510,000$0.020$10,200
    12/06/2020Simon Finnis-750,000$0.111$83,550
    05/06/2019Fiona Murdoch150,000$0.135$20,250
    23/07/2015Lindsay Ward125,000$0.080$10,000

    Click here for the last 20 transactions all companies

    Directors & Executives (current)

    NAMETITLEDATE OF APPT
    Doug RitchieNon Exec Chairman25/05/2021
    Simon WensleyManaging Director, CEO25/05/2021
    Nathan QuinlinCFO17/06/2022
    Andrew LloydNon Exec Director28/02/2022
    Mark SawyerDirector28/07/2016
    Fiona MurdochDirector11/03/2019

    Date of first appointment, title may have changed.

    Directors & Executives (former)

    NAMETITLEDATE OF APPOINTMENTDATE OF RESIGNATION
    Peter Harding-SmithCFO02/11/202117/06/2022
    Stephen EverettNon Exec Director12/07/201228/02/2022
    Simon FinnisManaging Director, CEO12/01/201505/07/2021
    Philip HennessyNon Exec Director02/10/201416/05/2021
    Duane WoodburyCFO23/02/201807/05/2021
    Lucas DowIndependent Director01/11/201918/03/2020
    Lindsay WardNon Exec Director04/10/201126/02/2019
    Xiaoming YuanNon Exec Director27/07/201821/11/2018
    George LloydIndependent Director, Non Exec Director08/04/201526/09/2018
    Dong Ping WangNon Exec Director08/12/201127/07/2018
    Ken XiaoAlternate Director12/01/201501/06/2018
    Jijun LiuDirector12/01/201530/05/2018
    Scott WaddellCFO19/05/201423/02/2018
    Robert FinchAlternate Director08/12/201103/12/2014
    Andrew GilliesDirector06/01/200602/10/2014
    John HaleyAlternate Director06/01/200619/05/2014
    Michael HanselDirector10/06/200601/04/2014
    Theo PsarosCOO25/08/200830/11/2013
    David BarwickChairman06/01/200630/06/2012

    Date of first appointment, title may have changed.