Interim Financial Report for the half-year ended 31 December 2013
Perth, Mar 12, 2014 AEST (ABN Newswire) - During the half year ending 31 December 2013 Bauxite Resources (
ASX:BAU) continued to focus primarily on the exploration and evaluation of bauxite prospectivity in the Company's extensive tenement holding in WA's Darling Range, the largest bauxite and alumina producing region in the world. At the reporting date the Company held exploration tenements over 14,266 km2 (7,621 km2 granted). The Company undertakes this exploration and evaluation both in its own right and through participation in three joint ventures.
Two of these joint ventures are carrying out exploration for bauxite, while the third joint venture was formed to examine the feasibility of building and operating an alumina refinery in Western Australia to process bauxite sourced from the Darling Range region.
The Company's exploration efforts during the 6 months to 31 December 2013 yielded a 38% increase in JORC compliant bauxite resources. Total quoted resource at 31 December 2013 stood at 338 million tonnes. Of this total resource, 39.5 million tonnes are held by the Company in its own right, 267.2 million tonnes are held in the Bauxite Resources Joint Venture ("BRJV"), and 31.3 million tonnes are held in the BRL-HD Mining joint venture ("HDMI").
During the reporting period the company made significant progress in the development of its 100% owned Fortuna deposit. In September 2013 the company announced the upgrade of the Fortuna deposit from 26.8Mt to 39.5Mt.
During the December half, the Company maintained its prudent approach to expenditure and has completed the year with cash balance of over $42 million in hand and no bank debt. This strong financial position will allow the Company to confidently pursue its strategic objectives over the next two years.
In addition due to its significant cash reserves the Company remains well positioned to take up any opportunities that may arise where the Directors are satisfied that these will be value accretive for shareholders.
To view the full Interim Financial Report, please visit:
http://media.abnnewswire.net/media/en/docs/76740-ASX-BAU-670398.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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