Quarterly Activities Report to June 30, 2012
Sydney, July 30, 2012 AEST (ABN Newswire) - Australian Bauxite Limited (
ASX:ABZ) announce the quarterly report is dated 30 July 2012 and is for the three months to 30 June 2012.
PRINCIPAL POINTS
Corporate
- Mr Vincent Tan retired as a director
- Cash in hand at 30 June was $2.8 million
- Pre-feasibility study nearing completion
- $1.68 million capital raising completed 8 June 2012
- $0.45 million share purchase plan to eligible shareholders; completed 12 July
Exploration
- Goulburn - Taralga bauxite resource up by 50% to 38 million tonnes
- Binjour bauxite resource increased by 46% to 24.5 million tonnes
- Inverell - grade improvement
Goulburn Bauxite Project Pre-Feasibility Study (PFS) expanded
An engineering study by GHD consultants is in progress to provide a ramp-up option to export 2.5 to 3Mtpa bauxite in Panamax or Cape Size ships out of Port Kembla. This will complete the PFS work, expected during the September quarter.
Conclusions of the PFS will be reported on completion of the GHD study and once commercial negotiations with potential customers are well advanced. At the completion of the pre-feasibility study Marubeni can elect to acquire a 35% joint venture interest in the Goulburn-Taralga bauxite project.
Tenement status
Tenements are 100% in good standing.
Market Commentary
Bauxite Supply Volatility as Predicted Bauxite shipments from Indonesia jumped then fell sharply as bans and taxes took effect. This supports ABx's business plan.
View the full Quarterly Activities Report here:
http://media.abnnewswire.net/media/en/docs/ASX-ABZ-687666.pdf
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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