Quarterly Report to 30 June 2016
Sydney, July 25, 2016 AEST (ABN Newswire) - Australian Bauxite Limited (
ASX:ABX) Quarterly report & activities statement dated 24 July 2016 for 3 months to 30 June 2016.
PRINCIPAL POINTS
Corporate
- Current group available cash plus R&D incentive due is in the order of $2.9 million
- Annual general meeting held, all resolutions passed
- Approval given by shareholders to issue 662,423 shares to the directors in lieu of cash consideration for their services
- ABx welcomes 100 new shareholders over the last month, bringing the total to 2,794 shareholders.
Operations: Bald Hill mine to produce new shipments
- Strong sales totalled 40,000 tonnes of cement-grade bauxite stockpiled at Bell Bay port from ABx's Bald Hill mine - the first new bauxite project in Australia for more than 35 years. Sale prices are satisfactorily profitable & commercial in confidence ? Fertiliser-grade bauxite sales continued at moderate tonnages
- New markets are emerging for both cement-bauxite and metallurgical bauxite for the aluminium industry with its marketing partner, Rawmin Mining Industries
- R&D by ABx achieves proof of concept that an all-weather technology (dubbed "TasTech") can produce 3 bauxite product types at good tonnages all year round, namely:
1. high grade metallurgical-grade gibbsite bauxite exceeding 45% Al2O3 for the aluminium industry
2. cement-grade bauxite for the production of cement
3. fertiliser-grade and other bauxite-types.
Bauxite Markets
- Markets for metallurgical bauxite may have bottomed in May-June 2016. Prices have risen in recent weeks.
Assessment of Binjour Bauxite Project, Queensland
- Binjour project, centred on the large Binjour resource, 115km inland from Bundaberg Port in central Queensland.
ABx is re-assessing the optimum way to develop this statesignificant new bauxite province with potential to become the flagship project for ABx over the next few years.
- A staged development commencing with cement-grade production at 150,000 to 550,000 tonnes per annum, using existing infrastructure appears to be an attractive, low-risk option for the Binjour project.
- Testwork of "TasTech" will be conducted on Binjour bauxite samples in coming months
- Discussions have begun with companies holding adjacent bauxite-bearing tenements to determine if additional economies of scale can be achieved.
Tenement status
- All tenements are in good standing and 100% owned.
To view the report, please visit:
http://abnnewswire.net/lnk/0BZQF5D9
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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