Australian Bauxite Limited (ASX:ABZ) Concludes Memorandum of Understanding with Marubeni Corporation (TYO:8002) for Goulburn-Taralga Bauxite Project Pre-Feasibility Study
Sydney, Oct 6, 2011 AEST (ABN Newswire) - Australian Bauxite Limited (
ASX:ABZ) (ABx) and Marubeni Corporation (TYO:8002) (Marubeni) have concluded a Memorandum of Understanding to jointly conduct a pre-feasibility study in relation to the Goulburn-Taralga bauxite project located in New South Wales, Australia.
A 25 million tonne bauxite resource has been declared at Taralga and Marubeni will contribute 35% toward the Pre-feasibility funding, estimated to be $1.5 million.
ABx will conduct the pre-feasibility study with participation by Marubeni, which will investigate the market for bauxite and other credits produced from the Goulburn-Taralga bauxite project.
At the completion of the pre-feasibility study Marubeni can elect to acquire a 35% joint venture interest in the Goulburn-Taralga bauxite project and to contribute 35% of the bankable feasibility and development costs. Marubeni will help arrange the finance for the first bauxite project.
Ian Levy, ABx CEO welcomed Marubeni's participation; "We welcome the confidence shown in Australian Bauxite by one of the world's leading metals and resources companies. Marubeni has the global trading network and skills to find the ideal customers for our speciality bauxite products. This relationship will decrease market risk and expedite the funding and development of our first bauxite production."
About Marubeni Group
- One of the largest General Trading Companies in Japan by turnover, founded in 1858
- Publicly listed on the Tokyo, Nagoya and Osaka Stock exchanges (8002.T), with a market capitalisation of US$ 12.5 Billion at 31 March 2011.
- Global trader of a wide range of commodities, it conducts business investment, development and management on a global basis with 119 offices in 69 countries
- In the field of industrial services, Marubeni combines engineering functions and risk management capabilities in various fields such as Renewable Energy, Power and Water Projects, Oil and Gas, Metals and Mineral Resources, Pulp & Paper, Transportation Infrastructure, and Food materials & products.
- Marubeni is a 22.5% owner of Portland Aluminium Smelter, located in Portland in South West Victoria and also owns 8% interest in Boyne Smelters (Line 3), which is located in Boyne Island in Queensland, Australia's largest aluminium smelter. In addition, Marubeni is also a 6.67% owner of Alouette Aluminium Smelter, located in Canada, North America's largest aluminium smelter.
About Australian Bauxite Ltd
Australian Bauxite Limited (ABx) (ASX:ABX) has its first bauxite mine in Tasmania & controls the Eastern Australian Bauxite Province. ABx's 11 bauxite tenements in Queensland, New South Wales & Tasmania totalling 662 km2 are all 100% owned, unencumbered & free of third-party royalties. ABx's bauxite is gibbsite trihydrate (THA) bauxite that can be processed into alumina at low temperature.
ABx has committed a large proportion of its expenditure into Research and Development to find ways to capitalise on the main strengths of its bauxite type which is very clean, free of all deleterious elements and partitioned into layers, nodules, particles and grains of different qualities that can be separated into different product streams using physical, chemical and geophysical methods.
ABx has declared large Mineral Resources in northern NSW, southern NSW, Binjour in central QLD & in northern Tasmania.
ABx's first mine commenced at Bald Hill near Campbell Town, Tasmania in December 2014 - the first new Australian bauxite mine for more than 35 years.
ABx aspires to identify large bauxite resources in the Eastern Australian Bauxite Province and has created significant bauxite development projects in 3 states, Queensland, New South Wales and Tasmania. Its bauxite deposits are favourably located for direct shipping of bauxite to both local and export customers.
ABx endorses best practices on agricultural land, strives to leave land and environment better than we find it. We only operate where welcomed.
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