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METRO MINING LIMITED Explore | Define | Mine Q2 2021 Highlights Metro Mining Ltd ( ASX : MMI ) Production recommenced in April 2021 following the wet season shutdown ; June Quarter shipments were below expectations at 629Kt but increased month on month during the quarter ; Sales revenue ( gross ) of A $ 31.7 Million and site EBITDA of ( A $ 7.4 ) Million for the quarter ; Average price received of A $ 49.90 / WMT with an average site margin of ( A $ 11.68 ) / WMT . Historically high ocean freight rates have been the most significant factor adversely affecting the site margin ; A placement & accelerated non - renounceable entitlement offer was well supported and has successfully raised A $ 16.9 Million ; Available cash on hand and other receivables as at 30 June 2021 totalled $ 29.0 Million . This includes subscriptions receivable of $ 9.9 Million in respect of Metro's recent equity raising ; Alumina and bauxite prices were relatively stable during the quarter ; Quarterly Activities Report | June 2021 Ocean freight rates remain at historically high rates and are currently adversely affecting operating margins at the Bauxite Hills Mine ; Due to market circumstances and high freight rates forcing selectivity of spot sales the revised sales target for 2021 is 3.3 - 3.5M WMT ; Offtake shipments for 2021 production were secured with Shanxi Senze for 120kt under a Non - Binding Letter of Intent to take 1.0 Mt for 2021 ; On 25 July 2021 Metro entered into binding terms with its long - term barging and transhipping partner , Transhipment Services Australia ( TSA ) , to add a floating crane barge to its fleet at the Bauxite Hills Mine which will be able to load Capesize vessels and significantly lower Metro's freight costs and thereby improve margins ; As of 5 July 2021 , Simon Wensley took over the position of Managing Director & CEO from Simon Finnis . Pic shows : A DAMEN Transhipment Crane Barge 6324 Quarterly Activities Report June 2021 | Page 1