Key points
- Record half-year shipments of 1.9 million WMT
- Gross operating loss of $27.4 million
- Costs reduced in real terms
Full summary
Metro Mining Ltd (ASX:MMI) announced its financial results for the half year ended 30 June 2026. The company achieved record shipments of 1.9 million Wet Metric Tonnes (WMT), a 2% increase year-on-year, despite adverse weather and operational challenges. The gross operating loss was $27.4 million, with a $49.1 million earnings reduction from the previous year, primarily due to softer market conditions and pricing for bauxite. The company expects improved market conditions and higher prices in the third quarter. Costs were reduced in real terms, with nominal cost of sales increasing by 2.2% despite higher diesel prices and non-recurring costs. The company ended the period with $23.8 million in cash and $31.5 million in senior debt, with $10.0 million repaid during the period.
Outlook
Metro Mining expects improved bauxite and alumina market conditions and higher prices in the third quarter.