Annual Report to Shareholders
Perth, Oct 14, 2013 AEST (ABN Newswire) - During the year Bauxite Resources Limited (
ASX:BAU) focused on the development of its bauxite interests in Western Australia with the objective of commercial development of bauxite and alumina capacity to support a developing market in China.
Achievements during the financial year were:
- Exceptional resource growth of 96% to 243.7 million tonnes
- Successful cash conservation strategy achieved cash balance at end of year of $44 Million
- Implementation of inaugural share buyback for the Company for up to 10% of the issued capital
- Selective reduction of non-prospective tenement holdings from approximately 25,000km2 to now 17,710km2
- Appointment of highly respected mining professional Mr Peter Canterbury as CEO/Executive Director
- Effective expenditure review and implementation resulting in significant cost reductions
To view the annual report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-BAU-652463.pdf
About Bauxite Resources Limited
Bauxite Resources (ASX:BAU) (OTCMKTS:BXRDF) was established with a substantial tenement holding in Western Australia to develop new bauxite supply for the global alumina/aluminium industry. The Company listed on the Australian Securities Exchange (ASX) in October 2007.
The Darling Range in the south-west of Western Australia (WA) is the world's largest bauxite mining and alumina refining region producing around 20% of the world's alumina. This area has mined bauxite and refined alumina since the 1960s. These industries are leaders in sustainable resource development and represent the fifth largest sector of WA's resource industry.
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