Metro Mining Ltd
(ASX:MMI) has signed a binding bauxite off-take agreement with Chinese aluminium company, the Xinfa Group.
The Australian miner says Xinfa currently has a 4.3% shareholding in Metro, as well as significant refining and smelting operations across China.
Metro forecasts total annual production o up to 4 million tonnes from its Bauxite Hills Project.
Their agreement is for a 4-year term, and provides contract tonnage of 1 million tonnes in the first year of operation. It will then provide 2 million tonnes per year for the next three years.
Metro Mining reported a net loss of $6.8 million at 30 June 2016.
