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Cita Mineral's H1 profit falls 62% as alumina JV earnings overshadow revenue growth

Sat, 01 Aug 2026 21:00:00 +0530

PT Cita Mineral Investindo Tbk recorded a strong rise in revenue during the first half of 2026, but the higher sales did not translate into stronger earnings. Instead, the Indonesian bauxite miner reported a sharp fall in profit as weaker returns from its alumina refining investment outweighed improvements in its core mining business. The results underline how the company's earnings are becoming increasingly dependent on its downstream aluminium investments.

According to the company's unaudited consolidated financial statements for the six months ended June 30, 2026, net sales increased 36.9 per cent year on year to IDR 1.91 trillion (USD 106.1 million) from IDR 1.39 trillion (USD 77.2 million). Gross profit also edged higher to IDR 612.4 billion (USD 34 million) from IDR 595.1 billion (USD 33.1 million).

Despite the stronger revenue, net income attributable to shareholders dropped 62.1 per cent to IDR 625.8 billion (USD 34.8 million) from IDR 1.65 trillion (USD 91.7 million) in the same period last year. Earnings per share also declined to IDR 158 from IDR 417.

Downstream investment weighs on earnings

The biggest reason behind the profit decline was Cita Mineral's 12.5 per cent stake in PT Well Harvest Winning Alumina Refinery (WHWAR), its alumina refining joint venture with China Hongqiao Group and Winning Investment (HK). Because the company records its share of WHWAR's profit using the equity method, any change in the refinery's performance has a direct impact on Cita Mineral's earnings.

During the first six months of 2026, Cita Mineral's share of WHWAR's earnings fell to IDR 275.5 billion (USD 15.3 million) from IDR 1.34 trillion (USD 74.4 million) a year earlier. The decline of nearly IDR 1.06 trillion (USD 58.9 million) was the main reason behind the company's weaker bottom line.

Some parts of the business, however, showed improvement. The company recorded a net foreign exchange gain of IDR 86.8 billion (USD 4.8 million), compared with a IDR 0.9 billion (USD 0.05 million) loss a year ago, mainly due to movements in the Indonesian Rupiah against WHWAR's US dollar functional currency.

These gains were partly offset by lower interest income, which declined to IDR 29.7 billion (USD 1.7 million) from IDR 43.1 billion (USD 2.4 million). Selling expenses also rose to IDR 166.4 billion (USD 9.2 million) from IDR 104.6 billion (USD 5.8 million), while general and administrative expenses increased to IDR 92.1 billion (USD 5.1 million) from IDR 74.5 billion (USD 4.1 million) as business activity expanded.

To know the production, demand and consumption forecasts of bauxite and alumina, explore the report "Global Bauxite & Alumina Market Forecast to 2036: Supply–Demand, Trade Flows & Price Outlook"

Dividend payout reduces cash reserves

As of June 30, 2026, total assets stood at IDR 8.54 trillion (USD 474.4 million), down from IDR 9.13 trillion (USD 507.2 million) at the end of 2025. Total equity also declined to IDR 8.10 trillion (USD 450 million) from IDR 8.77 trillion (USD 487.2 million).

Cash and bank balances fell sharply to IDR 795.4 billion (USD 44.2 million) from IDR 1.42 trillion (USD 78.9 million), mainly because the company paid a cash dividend of IDR 1.39 trillion (USD 77.2 million) in June 2026, equal to IDR 351 per share. The payout, approved at the company's Annual General Meeting in May, was higher than last year's dividend of IDR 328 per share.

Despite the lower cash balance, Cita Mineral generated stronger cash from its operations. Net cash from operating activities increased to IDR 428.0 billion (USD 23.8 million) from IDR 321.6 billion (USD 17.9 million), supported by higher cash receipts from customers.

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Growing exposure to the aluminium value chain

While Cita Mineral's core business remains bauxite mining through PT Harita Prima Abadi Mineral and other subsidiaries in West Kalimantan's Ketapang region, a growing share of its assets is now tied to downstream aluminium projects.

Its investment in WHWAR was valued at IDR 1.64 trillion (USD 91.1 million) as of June 30, 2026, after the company injected an additional IDR 99.1 billion (USD 5.5 million) in April to maintain its 12.5 per cent ownership. It also holds a separate advance for investment of USD 15 million (IDR 184.2 billion). During the first half, dividends received from WHWAR declined to IDR 419.5 billion (USD 23.3 million) from IDR 595.0 billion (USD 33.1 million) a year earlier.

Cita Mineral also owns a 16.00 per cent stake in PT Kalimantan Aluminium Industry (KAI), an aluminium smelter project. The investment was valued at IDR 927.0 billion (USD 51.5 million) and has been built through several rounds of funding, beginning with an initial IDR 330.6 billion (USD 18.4 million) investment in December 2022, followed by IDR 177.3 billion (USD 9.9 million) in November 2024 and another IDR 419.1 billion (USD 23.3 million) between June and August 2025.

The company also holds a 16.00 per cent interest in PT Kaltara Power Indonesia (KPI), which is expected to supply power for downstream aluminium processing. The investment increased to IDR 711.9 billion (USD 39.6 million) from IDR 612.8 billion (USD 34 million) after another IDR 99.1 billion (USD 5.5 million) capital injection in April 2026.

Together, WHWAR, KAI and KPI were valued at approximately IDR 3.28 trillion (USD 182.2 million) as of June 30, 2026, representing nearly 40 per cent of Cita Mineral's total assets. The company's dependence on its downstream operations is also evident in its sales, with about 77 per cent of first-half revenue coming from related-party WHWAR.

The first-half results showed that while Cita Mineral's mining business continued to generate stronger sales and cash flow, the performance of its downstream investments now plays a much larger role in determining overall profitability. Investors will therefore be watching closely to see whether WHWAR's earnings recover in the second half and how the KAI smelter and KPI power projects contribute once they become operational.

ALCOA announces quarterly dividend, set for August 27, 2026

Fri, 31 Jul 2026 08:30:00 +0530

Alcoa Corporation has declared a quarterly cash dividend of USD 0.10 per common share, with the payment scheduled for August 27, 2026, as the global alumina and aluminium producer continues its shareholder returns programme.

The dividend was approved by the company's Board of Directors and will be paid to shareholders of record as of the close of business on August 11, 2026.

The announcement applies to Alcoa's common stock listed on the New York Stock Exchange (NYSE: AA) and Chess Depositary Interests (CDIs) traded on the Australian Securities Exchange (ASX: AAI). The ex-dividend date has been set for August 10, 2026.

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CDI holders offered multiple payment currency options

Alcoa said eligible CDI holders will have the option to receive their dividend payments in US dollars, Australian dollars, New Zealand dollars, British pounds sterling, or other supported currencies through the company's payment arrangements, provided the required currency election is submitted before the applicable deadline.

The company also confirmed that the dividend will be 100 per cent unfranked, and no Dividend Reinvestment Plan (DRP) will be available for this distribution.

In addition, Alcoa advised that non-resident shareholders may be subject to US withholding tax. However, eligible investors may qualify for a reduced withholding tax rate under applicable tax treaties after submitting the required certification.

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Majority stake sale is not the only path to modernise VALCO, industry analysts argue

Fri, 31 Jul 2026 05:30:00 +0530

Industry analysts have argued against allowing a strategic investor to acquire up to a 70 per cent stake in the Volta Aluminium Company (VALCO), stating that Ghana's estimated USD 48 billion bauxite reserves could provide an alternative route to financing the state-owned aluminium producer's modernisation.

They have argued that Ghana should explore financing options backed by its mineral resources rather than relinquishing majority ownership of VALCO in exchange for a proposed USD 600 million investment.

"We are sitting on bauxite worth USD 48 billion, yet we claim we cannot raise USD 600 million. Isn't that strange?" they said.

According to the analysts, the country's aluminium industry has the potential to become a cornerstone of Ghana's industrialisation strategy, making it important to consider funding models that preserve greater state ownership.

"This industry can become the backbone of our industrialisation project. Why surrender 70 per cent of it for USD 600 million? It makes no sense," they added.

Experts have also mentioned that requiring funds does not necessarily require the sale of a controlling stake, suggesting that commercial financing could provide an alternative means of supporting VALCO's expansion.

"On the strength of the enterprise, you can approach banks, secure USD 600 million, retrofit and expand operations, and repay as a loan. Financial institutions don't need to own shares to provide funding," they stated.

He also added that the discussion surrounding VALCO should be viewed from an economic perspective rather than an ideological one.

"There is no ideological debate; it is about common sense. Simple common sense," they said.

To know the production, demand and consumption forecasts of bauxite and alumina, explore the report "Global Bauxite & Alumina Market Forecast to 2036: Supply–Demand, Trade Flows & Price Outlook"

Why is the government pursuing investment to modernise VALCO?

These comments from the industry experts follow the Ghanaian government's move to seek private investment to modernise and expand VALCO through a strategic equity capitalisation programme.

Speaking on TV3's New Day, Ghana Integrated Aluminium Development Corporation (GIADEC) Chief Executive Officer Reindorf Twumasi Ankrah said several interested investors had submitted proposals that included acquiring up to a 70 per cent stake in the company. However, he stressed that negotiations have not yet begun and that no ownership structure has been finalized.

"All the proposals were drawn in accordance with that, and they were all asking for 70 per cent. But the actual terms have not yet been decided. We are yet to negotiate and finalise on anything," Ankrah said.

He explained that the proposals were prepared in line with the GIADEC Act, which requires GIADEC, together with a Ghanaian individual or entity, to retain at least a 30 per cent interest in projects within the country's integrated aluminium industry.

According to Ankrah, a strategic committee has already completed its evaluation of proposals submitted for VALCO's retooling and modernisation, with the next phase expected to focus on negotiations with a preferred investor.

The proposed investment is intended to rehabilitate the existing smelter while increasing annual production capacity from 200,000 tonnes to 300,000 tonnes through the addition of a new 100,000-tonne production line, as part of broader efforts to strengthen Ghana's aluminium value chain.

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A2MP takeover bid casts doubt over Cameroon bauxite project's expansion plans

Thu, 30 Jul 2026 22:30:00 +0530

Cameroon's flagship Minim-Martap bauxite project has come under fresh scrutiny after majority shareholder A2MP Investments launched a takeover bid for Canyon Resources, arguing that rising freight costs, lower marketing premiums and higher operating expenses could undermine the project's economics in its current form.

A2MP, which already owns 55.56 per cent of Canyon Resources, is seeking full control of the Australian mining company through an unsolicited off-market takeover offer. If successful, the company plans to reassess the scale of the Minim-Martap Bauxite Project, potentially replacing Canyon's original development strategy with a smaller operation integrated into A2MP's broader African aluminium value chain.

Higher costs put Minim-Martap economics under scrutiny

At the centre of A2MP's takeover proposal is a challenge to the assumptions underpinning Canyon's September 2025 Definitive Feasibility Study (DFS).

While the study estimated a pre-tax net present value (NPV) of USD 835 million and a pre-tax internal rate of return (IRR) of 29 per cent, based partly on an average USD 11 per tonne premium for the project's high-grade, low-silica bauxite, A2MP believes market conditions have changed significantly.

Following six months of discussions with prospective customers, the company now estimates a premium of around USD 5 per dry tonne, while forecasting freight costs of USD 32-36 per tonne, considerably higher than the USD 17 per tonne assumed in Canyon's feasibility study.

Combined, those revisions would reduce the project's economics by USD 21-25 per tonne, comprising roughly USD 6 less in premium and USD 15-19 more in freight costs.

A2MP also argued that insurance, export duties, sampling expenses, fuel costs and certain logistics investments may have been underestimated.

"The project may no longer be viable in its current form and with the financing currently available." the company said.

The assessment contrasts with Canyon's feasibility study, which estimated total capital expenditure of USD 446 million, including USD 348 million allocated to rail infrastructure. At the time, Canyon maintained that it had reasonable grounds to pursue financing despite not having secured the full funding package.

To know the production, demand and consumption forecasts of bauxite and alumina, explore the report "Global Bauxite & Alumina Market Forecast to 2036: Supply–Demand, Trade Flows & Price Outlook"

Takeover could reshape Cameroon project

A2MP's offer extends to all Canyon shares it does not already own, valuing minority shares at AUD 0.05 (USD 0.035) each, representing a 42.5 per cent discount to Canyon's closing share price of AUD 0.087 (USD 0.061) on July 28.

The proposal values Canyon's equity at approximately AUD 103 million (USD 72.1 million), with an enterprise value of around AUD 188 million (USD 131.6 million) after accounting for net debt.

A2MP expects to spend up to AUD 45.82 million (USD 32.1 million) to acquire the remaining shares, increasing to AUD 46.57 million (USD 32.6 million) if all outstanding options are exercised. The company said it has approximately USD 127 million in available cash to fund the acquisition.

The offer is conditional upon A2MP increasing its ownership to at least 75 per cent. Should its stake exceed 90 per cent, the company intends to compulsorily acquire the remaining shares and delist Canyon from the Australian Securities Exchange (ASX). Even if ownership remains between 75 per cent and 90 per cent, A2MP said it may still seek a delisting, subject to ASX requirements.

Beyond the takeover, A2MP is considering a different development strategy for Minim-Martap.

If the acquisition proceeds, the company plans to conduct a comprehensive review of Canyon's assets, operations, financial position and development plans to determine whether the project can achieve profitable production under current market conditions.

Should independent advisers support its assessment, A2MP said it could abandon plans to develop the mine at the production levels outlined in the existing feasibility study, opting instead for a smaller operation while integrating the project into a broader value chain encompassing bauxite mining, alumina refining and aluminium production in Cameroon.

The project moves closer to exports despite review

The reassessment comes even as the Minim-Martap project continues to clear important operational milestones.

Read more: How Cameroon's billion-tonne Minim-Martap bauxite project moved closer to exports after CAMALCO cleared a key rail hurdle.

Earlier this year, Canyon Resources' Cameroonian subsidiary CAMALCO signed a rail operations agreement with Camrail, removing one of the project's most significant logistics hurdles and establishing a transport corridor linking the mine in the Adamawa Region with the Port of Douala through Cameroon's existing railway network.

The agreement, announced during the 48th Extraordinary Session of the Interministerial Committee for Railway Infrastructure (COMIFER), positions the project a step closer to commercial exports and could introduce one of the world's largest undeveloped high-grade bauxite deposits into the global seaborne market.

To support initial operations, CAMALCO has assembled a fleet of seven locomotives and 160 rail wagons. The first shipment of 60 wagons is expected to arrive in Cameroon by mid-August, with the remaining 100 wagons scheduled for delivery later this year.

During the first phase, the rail fleet is expected to transport approximately 35,000 tonnes of bauxite per month.

"COMIFER noted the progress made, as well as the intention of the mining partner (CAMALCO) to begin transporting bauxite in the coming days," said Claude Misse Ntone, Director of Railway Transport at Cameroon's Ministry of Transport.

CAMALCO has also been undertaking locomotive commissioning, brake testing and rail infrastructure upgrades alongside Camrail to prepare for operations. The company has strengthened its logistics chain by increasing its stake in Camrail to 26.9 per cent and acquiring an interest in Terminal Bois du Port de Douala, providing greater oversight of both rail and port infrastructure.

Despite those logistics achievements, the project's timetable has slipped.

The first bauxite shipment, originally expected during the first half of 2026, is now scheduled for the fourth quarter of 2026.

To increase rail transport capacity from 35,000 tonnes per month to 105,000 tonnes per month by the third quarter of 2027, Canyon estimates it will require an additional USD 160 million to acquire 15 more locomotives, 400 additional rail wagons and upgrade sections of the rail network.

Without that investment, annual transport capacity would remain around 420,000 tonnes, significantly below the 1.2 million tonnes per year production target outlined in the feasibility study.

Board urges shareholders to wait

Canyon Resources has yet to respond directly to A2MP's assessment of the project's economics.

In a statement issued on July 29, the company said its board is reviewing the bidder's statement and preparing its formal Target's Statement, urging shareholders not to take any action until the document is released.

The response will include the board's recommendation as well as an independent expert's opinion on whether A2MP's offer is fair and reasonable.

Beyond assessing the offer price, Canyon will also need to convince investors that the assumptions supporting its 2025 feasibility study remain valid despite higher freight costs, lower anticipated marketing premiums and additional funding requirements.

The takeover bid has ultimately set the stage for two competing visions for the Minim-Martap project: Canyon's plan to gradually develop a multi-million-tonne bauxite operation, and A2MP's proposal for a smaller, privately owned project integrated into its wider African mining and aluminium strategy.

Unlock key insights from leading companies and experts across the aluminium ecosystem with our e-Magazine - Mine to Market: Aluminium Producers & Manufacturers 2026

Alurion begins independent journey as A$50m IPO accelerates Amargosa bauxite-gallium project

Thu, 30 Jul 2026 11:30:00 +0530

Alurion Resources Limited has begun trading on the Australian Securities Exchange (ASX) after raising AUD 50 million (USD 35 million) through its initial public offering (IPO), providing fresh capital to advance the Amargosa Bauxite-Gallium Project in Bahia, Brazil. This is the start of a new chapter for the standalone explorer, which will focus exclusively on developing one of Brazil's emerging bauxite and gallium assets as demand grows for aluminium raw materials and critical minerals.

The company commenced quotation on July 31, 2026, following its admission to the Official List on July 29. The proceeds from the IPO are expected to accelerate exploration and early-stage development of the USD 119 million Amargosa project, positioning Alurion to independently pursue opportunities in both the aluminium and critical minerals sectors.

IPO gives Amargosa fresh momentum

Alurion raised AUD 50,000,040 (USD 35 million) through the issue of 47,619,048 fully paid ordinary shares priced at AUD 1.05 (USD 0.74) each.

The capital raised will fund the next stage of development at the Amargosa project, including land acquisitions, technical studies, environmental licensing, exploration programmes, community initiatives, safety programmes and equipment purchases.

The company said the funding provides a strong financial platform to progress geological surveys, drilling campaigns, resource definition and feasibility work as it advances the project towards future development.

To know the production, demand and consumption forecasts of bauxite and alumina, explore the report "Global Bauxite & Alumina Market Forecast to 2036: Supply–Demand, Trade Flows & Price Outlook"

Share structure supports long-term growth

Following the listing, 204,701,236 fully paid ordinary shares began trading on the ASX.

The company's capital structure includes 39,025,413 restricted ordinary shares and 6,010,000 options held in 24-month escrow until July 31, 2028, while a further 4,190,000 unquoted options are not subject to escrow restrictions.

The escrow arrangements are intended to align the interests of founders and early investors with long-term shareholders by limiting the sale of a significant portion of securities during the company's initial years as a listed entity.

Alurion's flagship Amargosa Bauxite-Gallium Project is located in the Brazilian state of Bahia, a region recognised for its mineral potential and strategic location. The ASX listing follows the demerger of the Amargosa Bauxite-Gallium Project from Brazilian Rare Earths into Alurion Resources, creating a standalone company dedicated to developing the asset.

The Bahia project targets aluminium and critical minerals markets

Located around 160 kilometres by road from Porto de Enseada, the project benefits from established export infrastructure serving global bauxite markets.

While bauxite is the primary raw material used to produce aluminium, gallium has become an increasingly important critical mineral used in semiconductors, artificial intelligence, renewable energy technologies and defence applications.

Read more: How a AUD 50 million IPO is helping advance Brazil's Amargosa Bauxite-Gallium Project.

Demerger creates dedicated bauxite-gallium company

At a general meeting held on July 10, 2026, 99.94 per cent of shareholders voted in favour of the restructuring, which allowed Brazilian Rare Earths to focus on rare earth development.

Under the restructuring, the Amargosa project was transferred into Alurion, with existing BRE shareholders receiving Alurion shares, while retaining a 16 per cent stake in the new company.

The market responded positively to the move, with Brazilian Rare Earths' shares rising 8.7 per cent following the announcement, reflecting investor confidence that separating the businesses could unlock value across two distinct critical mineral themes.

Read more: How Alurion's demerger unlocked value for Brazilian Rare Earths' bauxite-gallium business.

Market watches next phase

Following the demerger, investor attention is expected to shift towards Alurion's exploration progress and its ability to convert the newly raised capital into tangible project milestones.

While Brazilian Rare Earths has strengthened its strategic focus through the separation, the company continues to face the financial demands associated with developing large-scale mineral projects. It recently reported AUD 4.24 million (USD 2.97 million) in revenue alongside a net loss of AUD 42.06 million (USD 29.44 million), despite raising AUD 120 million (USD 84 million) last year to support project development.

Market expectations also remain divided, with valuation estimates ranging from AUD 0.73 (USD 0.51) to AUD 7.25 (USD 5.08) per share, reflecting both optimism surrounding Brazil's long-term critical minerals potential and the execution, funding and development challenges that still lie ahead.

As Alurion embarks on its first chapter as an independent listed explorer, investors will be closely watching how the company deploys its IPO proceeds across exploration, resource definition and project development at the Amargosa Bauxite-Gallium Project.

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Metro Mining achieves record 1.8m WMT Q2 bauxite shipments despite cyclone disruption

Thu, 30 Jul 2026 06:43:00 +0530

Metro Mining has reported record quarterly bauxite shipments for the three months ended June 30, 2026, despite operational disruptions caused by Tropical Cyclone Narelle and the temporary dry-docking of its Offshore Floating Terminal (OFT) Ikamba. The company shipped 1.8 million wet metric tonnes (WMT) of bauxite during the quarter, up 7 per cent from the corresponding period of 2025, while maintaining its full-year shipment guidance of 6.6-7.1 million WMT.

Chief Executive Officer Simon Wensley said, “In June, we demonstrated proof of concept of our new integrated planning and operating system and aligned management structure, thanks to focused efforts from Metro and contractor teams.” He added, “Achievement of record Q2 output was pleasing given the post-cyclone recovery and the absence of our primary transhipper, Ikamba, for its 5-year dry dock service, for a portion of the quarter.”

Wensley also stated that Metro expects to ship more than 5 million tonnes during the second half (H2) of 2026 as mining and shipping conditions improve.

To know the production, demand and consumption forecasts of bauxite and alumina, explore the report "Global Bauxite & Alumina Market Forecast to 2036: Supply–Demand, Trade Flows & Price Outlook"

Operational improvements became evident during June, when Metro recorded a monthly shipment record of 779,000 WMT, up 29 per cent from May, with 97 per cent of shipments handled through OFT Ikamba. The company also cleared and moved 833,000 bank cubic metres (BCM) of waste during the first half of the year, around 70 per cent above plan, improving mine flexibility for the remainder of the operating season.

Metro completed an extension of its port stockpile, adding 170,000 WMT of storage capacity to support higher shipment volumes and improve grade management. Better grade control during the quarter also enabled the company to secure trial cargo agreements with two new customers.

Bauxite remains the primary ore used to produce alumina, which is then refined into aluminium. Demand for high-quality bauxite continues to be supported by aluminium production, particularly as the metal plays a growing role in renewable energy, electric vehicles, lightweight transportation, construction and packaging.

Market trends and pricing environment

The company said market conditions remained weak during February and March when prices for the second quarter were negotiated. As a result, average CIF bauxite pricing declined 14 per cent compared with the fourth quarter of 2025. However, the market strengthened during the quarter as freight rates from Guinea increased, allowing Metro to negotiate an average 9 per cent increase in CIF pricing for the third quarter of 2026.

Metro noted that the aluminium supply chain experienced significant disruption following the outbreak of hostilities in the Gulf during the quarter. Aluminium was already in short supply at the beginning of 2026, and production curtailments at Middle Eastern smelters further tightened the market. London Metal Exchange (LME) aluminium prices climbed to nearly USD 3,800 per tonne during the quarter before easing slightly in June, remaining around 20 per cent higher than a year earlier.

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The company noted that both alumina and bauxite prices reached their lowest levels in March and April after more than a year of declining prices. Since then, international alumina prices and those in northern China have recovered by around 12 per cent, while prices in southern China have risen only about 4 per cent because several new alumina refineries have entered production and intensified competition.

Metro also highlighted the sharp rise in global freight costs. Capesize freight rates from West Africa increased from around USD 25 per dry metric tonne (DMT) before the Gulf conflict to approximately USD 40 per DMT during the quarter. The higher freight costs pushed traded bauxite prices roughly 10 per cent above the lows recorded earlier in the year, although Chinese buyers have resisted stronger price increases because of large bauxite inventories at ports and relatively weak alumina prices.

According to Metro, current bauxite price increases are still insufficient to offset higher freight and diesel costs expected during the second half of the year. The company pointed to a significant decline in vessel arrivals at Guinea's major bauxite ports over the past three months, suggesting that some producers are reluctant to increase shipments under current pricing conditions. Metro expects bauxite prices to strengthen further once excess inventories at Chinese ports begin to decline.

Unlike many producers, Metro has limited exposure to the recent freight market volatility. Around 80 per cent of its 2026 offtake schedule is covered by long-term freight contracts negotiated in 2025, with fixed charter and bunker fuel rates. The company said these agreements provide protection against rising shipping costs and should support margins as market prices improve.

Financial results and outlook

Despite the record shipment volumes, Metro's financial performance reflected the weaker pricing environment. Site EBITDA declined to AUD 4.4 per WMT (USD 3.1), compared with AUD 12.0 per WMT (USD 8.34) in the fourth quarter of 2025 and AUD 31.9 per WMT (USD 22.2) in the corresponding quarter of last year. The decline was mainly attributed to lower realised prices, higher diesel costs, increased stripping activity and temporary freight-related expenses associated with Tropical Cyclone Narelle and the dry-docking of Ikamba.

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At the end of June, Metro reported AUD 23.8 million (USD 16.5 million) in cash and cash equivalents, while secured debt declined to USD 31.5 million following scheduled repayments during the quarter.

On the operational front, Metro continued expanding mining activities at its Bauxite Hills Mine in Queensland. A new vegetation clearing method allowed the company to prepare a record 276 hectares, creating additional mining flexibility and improving access to different ore grades. The company also completed dry-screening trials on higher-silica bauxite, achieving encouraging results that have prompted plans for commercial-scale production during the third quarter.

Metro said it remains focused on improving productivity, maintaining bauxite quality and strengthening its position in a competitive global market as aluminium producers continue to monitor raw material costs and supply chain developments.

VBX shifts from explorer to developer as Wuudagu gains funding momentum

Wed, 29 Jul 2026 22:30:00 +0530

VBX is entering a new phase in the evolution of its flagship Wuudagu Bauxite Project, with the company moving beyond exploration after securing preliminary funding and offtake pathways while advancing the technical studies needed to develop the Western Australian asset into a producing bauxite mine.

The transition comes as Wuudagu continues to build momentum through resource growth, improving project economics and commercial discussions, positioning the project closer to a fully funded development pathway.

Funding marks next step towards development

The latest milestone came after VBX signed a non-exclusive framework agreement with the Hong Kong subsidiary of a major Chinese aluminium group, creating a pathway for both project investment and long-term bauxite sales.

Under the proposed arrangement, the Chinese group would purchase between 2 million and 3 million tonnes of bauxite annually, while also providing investment expected to fund a material portion of Wuudagu's construction and commissioning costs.

The agreement remains subject to completion of the Definitive Feasibility Study (DFS) and further negotiations, with investment commitments and commercial terms yet to be finalised. Bauxite pricing would be linked to an agreed reference price index with quality-based adjustments.

VBX Managing Director Ryan de Franck said Wuudagu's resource quality and location make it well positioned to serve the global aluminium industry.

To know the production, demand and consumption forecasts of bauxite and alumina, explore the report "Global Bauxite & Alumina Market Forecast to 2036: Supply–Demand, Trade Flows & Price Outlook"

"Wuudagu's attractive low-silica product quality, short and efficient logistics, expanding scale, and northern Australian location are highly desirable attributes for a bauxite supply source in the global aluminium industry."

He added that the company had deliberately retained ownership of future production rights as part of its long-term development strategy.

"VBX has made a conscious decision to retain all rights to future products produced at Wuudagu and to seek to use these rights to provide an attractive funding solution to construct and commission the project."

The framework agreement also creates opportunities for future investment and bauxite offtake at VBX's Takapinga Project in northern Australia, including potential advance payment arrangements.

Technical progress strengthens development case

Alongside commercial discussions, VBX has continued strengthening the technical foundations of the project.

The company recently upgraded Wuudagu's measured and indicated resource to 131.9 million tonnes, grading approximately 40.2 per cent alumina and 12.6 per cent silica, together with an additional inferred resource.

Metallurgical test work has also improved estimated mass recovery to approximately 70–73 per cent, with beneficiated product grades approaching 45 per cent alumina, supporting the project's long-term production potential.

A 2025 pre-feasibility study assessed a development scenario based on annual production of approximately 3.5 million tonnes over a 10-year mine life, with estimated capital expenditure of around A$125 million and average annual EBITDA of approximately A$143 million. The company noted these projections remain subject to further technical and economic assessment through the DFS.

DFS becomes the next defining milestone

Although Wuudagu has made significant progress, the project's next major milestone remains completion of the Definitive Feasibility Study, which is expected to provide greater clarity on production scale, project economics and funding requirements.

VBX has also been progressing discussions with other funding partners, including an indicative A$10 million prepayment term sheet with thyssenkrupp Materials Trading Asia, linked to future bauxite deliveries.

As a pre-revenue developer, the company reported cash of approximately A$398,000 at 31 March 2026, before securing a further A$2 million after the reporting period. It also recorded a loss of approximately A$2.5 million for the year ended 30 June 2025, reflecting ongoing exploration and project development activities.

Environmental approvals, financing, regulatory processes and construction remain key challenges before production can begin. However, with resource expansion, metallurgical improvements, funding discussions and commercial partnerships gathering pace, VBX appears to be steadily transitioning from an explorer into a project developer.

The company expects to complete the DFS in mid-2026, with negotiations on definitive agreements with the Chinese aluminium group targeted within 90 days of the study's completion.

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Cameroon's billion-tonne bauxite project moves closer to exports as CAMALCO clears key rail hurdle

Wed, 29 Jul 2026 07:20:00 +0530

One of Africa's largest undeveloped bauxite deposits has moved a step closer to global markets, with CAMALCO preparing to launch rail transportation from its flagship Minim Martap project in Cameroon. The milestone removes a critical logistics hurdle ahead of commercial production and positions the country to emerge as a new supplier in the global bauxite trade.

The Cameroonian subsidiary of Australia's Canyon Resources has signed a rail operations agreement with Camrail, paving the way for bauxite to be transported from the Minim Martap mine in the Adamawa Region to the Port of Douala through the country's existing railway network. The agreement forms a key part of the project's mine-to-port logistics strategy, enabling future exports of one of the world's largest untapped high-grade bauxite resources.

The development was revealed at the 48th extraordinary session of the Interministerial Committee for Railway Infrastructure (COMIFER), chaired by Transport Minister Jean Ernest Masséna Ngallè Bibéhè in Yaoundé .

The significance of the development extends well beyond Cameroon. As alumina refiners and aluminium producers continue to seek diversified sources of bauxite amid geopolitical uncertainties and tightening resource policies in major producing nations, the successful commissioning of Minim Martap could introduce another sizeable supplier into the seaborne bauxite market.

To support the initial phase of operations, CAMALCO has assembled a rail fleet comprising seven locomotives and 160 wagons. The first shipment of 60 wagons is scheduled to arrive in Cameroon by mid-August, while the remaining 100 wagons are expected later this year. During the ramp-up phase, the Stage 1 fleet is projected to transport around 35,000 tonnes of bauxite per month, establishing the project's first export corridor.

“COMIFER noted the progress made, as well as the intention of the mining partner [CAMALCO] to begin transporting bauxite in the coming days,” Claude Misse Ntone, director of railway transport at the ministry, said after the meeting.

To know the production, demand and consumption forecasts of bauxite and alumina, explore the report "Global Bauxite & Alumina Market Forecast to 2036: Supply–Demand, Trade Flows & Price Outlook"

The company has also been carrying out locomotive commissioning, brake testing and rail infrastructure upgrades in collaboration with Camrail to ensure operational readiness. According to the latest project timeline, initial rail movements are expected to commence during the third quarter of 2026.

Beyond rail operations, Canyon Resources has strengthened its control over the project's logistics chain through strategic investments in transport infrastructure. Earlier this year, CAMALCO increased its stake in Camrail to 26.9 per cent and also secured an interest in Terminal Bois du Port de Douala, giving the company greater oversight of both rail and port operations required for bauxite exports.

At the heart of the project lies the Minim Martap deposit, which hosts more than 1 billion tonnes of high-grade, low-contaminant bauxite. The scale of the resource places it among the world's most significant undeveloped bauxite deposits and offers Cameroon an opportunity to diversify its mining sector beyond traditional commodities.

The project's strategic advantage lies not only in its resource size but also in its location. By leveraging Cameroon's existing rail corridor connecting the Adamawa Region with Douala Port, CAMALCO has avoided the need for extensive greenfield transport infrastructure—potentially accelerating the route to commercial production while reducing capital requirements.

The logistics development comes at a time when supply chain resilience has become a growing priority. Guinea continues to dominate global seaborne bauxite exports, particularly to Chinese alumina refineries, making the emergence of additional export hubs increasingly significant.

While Minim Martap is still progressing towards full-scale production, the commencement of rail logistics removes one of the project's most important execution risks and brings a new source of high-grade bauxite a step closer to international markets.

Explore buying & selling leads of bauxite and trade opportunities on AL Biz

Africa urged to process bauxite and other critical minerals locally to drive industrial growth

Tue, 28 Jul 2026 12:30:00 +0530

African nations have been urged to accelerate domestic processing of bauxite and "other" critical minerals instead of continuing to export raw materials, as leaders push to transform the continent into a global hub for value-added mineral production.

Speaking at the African Development Bank (AfDB) Ministerial Forum in Abidjan, Nigeria's Minister of Solid Minerals and Chair of the Africa Mineral Strategy Group, Dele Alake, said Africa must break its long-standing dependence on exporting raw minerals while importing higher-value finished products at significantly higher costs.

Value addition key to industrialisation

Alake said Africa possesses abundant reserves of bauxite and "other" critical minerals, including cobalt, lithium, manganese, platinum and rare earth elements, that are increasingly vital for renewable energy technologies, electric vehicles and advanced manufacturing.

However, he noted that the continent continues to capture only a fraction of their economic value because refining, processing and manufacturing largely take place outside Africa.

To address this, African governments were encouraged to strengthen local mineral processing industries, create jobs and build regional value chains capable of supporting long-term industrial development.

To know the production, demand and consumption forecasts of bauxite and alumina, explore the report "Global Bauxite & Alumina Market Forecast to 2036: Supply–Demand, Trade Flows & Price Outlook"

Abidjan Declaration backs regional cooperation

The forum concluded with the adoption of the Abidjan Declaration, which commits African countries to expanding cooperation on mineral development through improved financing mechanisms, practical investment and cross-border mineral processing hubs.

The declaration also supports local beneficiation, increased intra-African trade and stronger industrial growth by encouraging more minerals to be processed within the continent before export.

Alake reaffirmed the Africa Mineral Strategy Group's commitment to working with governments and development partners to ensure Africa's mineral resources generate employment, strengthen local economies and deliver long-term prosperity.

African-led standards proposed

Among the key proposals discussed at the forum was the adoption of the Pan African Resource Reporting Code (PARC), which would allow African countries to establish their own mineral reporting standards.

According to Alake, developing African-led resource reporting frameworks would improve transparency, strengthen investor confidence and enable countries to determine the value of their mineral resources on their own terms.

Why bauxite is becoming increasingly strategic

The growing focus on bauxite reflects its rising importance within the global aluminium supply chain. In 2020, the European Commission added bauxite to its list of critical raw materials, recognising its strategic role in supporting aluminium production and Europe's transition towards a greener and more digital economy.

Find out why Bauxite's recognition as a Critical Raw Material has become a milestone for the global aluminium industry.

Africa already plays a significant role in global bauxite supply. The continent accounts for around 16 per cent of global bauxite production, with Guinea serving as Africa's largest bauxite hub and one of the world's leading exporters. Guinea holds roughly 30 per cent of global bauxite reserves and contributes around 94 per cent of Africa's bauxite production, while Ghana remains another major producer. Together, these resource-rich countries are increasingly viewed as key locations for expanding alumina refining and aluminium production rather than continuing to export raw bauxite.

Explore buying & selling leads of bauxite and trade opportunities on AL Biz

Chinese funding pathway and 3 million-tonne offtake boost VBX's Wuudagu bauxite project

Mon, 27 Jul 2026 23:30:00 +0530

VBX has moved a step closer to developing its flagship Wuudagu Bauxite Project after signing a framework agreement with a major Chinese aluminium group that could deliver both project funding and a long-term bauxite offtake arrangement.

The non-exclusive agreement, signed with the Hong Kong subsidiary of the Chinese aluminium producer, establishes a pathway for the parties to negotiate investment in the development and operation of the Western Australian project.

Under the proposed arrangement, the Chinese group would purchase between 2 million and 3 million tonnes of bauxite per year, while also providing funding expected to cover a significant portion of the project's construction and commissioning costs.

Funding linked to project development

Investment commitments will be determined following completion of the project's Definitive Feasibility Study (DFS) and subject to mutual agreement between the two parties. Bauxite pricing would be based on an agreed reference price index, with adjustments reflecting product quality.

To know the production, demand and consumption forecasts of bauxite and alumina, explore the report "Global Bauxite & Alumina Market Forecast to 2036: Supply–Demand, Trade Flows & Price Outlook"

VBX Managing Director Ryan de Franck said the Wuudagu project's low-silica bauxite, efficient logistics, expanding resource base and strategic location in northern Australia make it an attractive supply source for the global aluminium industry.

Broader collaboration planned

Beyond Wuudagu, the framework agreement also opens the door for the companies to explore investment and offtake opportunities at VBX's Takapinga Project in northern Australia, including potential advance payment arrangements to support future development.

De Franck said the company had deliberately retained ownership of future production rights at Wuudagu to help secure an attractive funding solution while maintaining long-term value from the project.

The DFS is scheduled for completion in mid-2026, with both parties aiming to negotiate definitive agreements within 90 days.

VBX is advancing the Wuudagu Bauxite Project in Western Australia's North Kimberley region while also exploring its Takapinga Bauxite Project.

Explore buying & selling leads of bauxite and trade opportunities on AL Biz