Metro raises A$40m to speed up debt repayments

Metro Mining, the owner of the Bauxite Hills mine near Weipa, on Thursday announced a successful A$40-million placement that it would use to accelerate debt repayment. The company has received binding commitments from sophisticated, experienced and professional investors to issue 975.6-million new shares at a discounted A$0.041 each. The placement is accompanied by a A$4-million share purchase plan (SPP).