Completion of Yankuang Transaction with Sale of Fortuna
Perth, April 20, 2016 AEST (ABN Newswire) - Bauxite Resources Limited (
ASX:BAU) (BXRDF:OTCMKTS) advises that it has now received from Mercator Metals Pty Ltd a duly executed Deed of Variation & Assumption which was required to complete the assignment of the bauxite rights held for the Fortuna deposit to Yankuang Resources under the Sale & Purchase Agreement dated 30 November 2015.
As a consequence, the royalty payable by Yankuang to BRL will be on the first 100 million tonnes of bauxite at a rate of 0.9% of the FOB price (or FOB price equivalent) (presently estimated to be worth approx. 50 cents per tonne) from the sale of bauxite mined from the Royalty Area comprised by the Felicitas and Fortuna tenements.
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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