Bauxite mining company Metro Mining has published its quarterly activities report, showing increased shipping costs led to a fall in profit margins.
Profit margin per wet metric tonne (wmt) fell by 36% in Q4 due to an increase in site and freight costs. The company put the increase in site costs down to depleted stockpiles.
Metro Mining says in its report that shipping costs were higher due to a strengthening ocean freight market. The report reads: “There was increased demand and vessels started transitioning towards the use of higher cost, low sulphur fuel as part of new regulations.”