Metro Mining released an operations update earlier this week. Q4 shipments came in ~10% below our estimate, but overall FY24 is a record year for Metro, delivering total shipments of 5.7m WMT. Guidance for FY25 has been given between 6.5-7.0m WMT. We have reduced our estimate for shipments accordingly to 6.6m WMT for FY25 from 7m WMT but this still represents a YoY increase of 20%. Most importantly the bauxite price continues to rise and indeed that rise accelerated into year end – see fig belo ....
