Bauxite Team in China
Sydney, April 26, 2018 AEST (ABN Newswire) - Members of the Queensland Bauxite (
ASX:QBL) (or "the Company") management team responsible for the development of the South Johnstone Bauxite Project, headed by QBL's Chief Geoscientist Dr Robert Coenraads PhD, as part of its ongoing marketing strategy, and as part of the operational plan under the existing granted Mineral Development Licence on South Johnstone, are currently visiting several Chinese bauxite refineries and aluminium smelters whose executives have expressed interest in partnering in the development of our South Johnstone Bauxite Project.
The QBL team is also meeting with Hong Kong based metals marketing platforms who have offered to assist in the commodity trading with QBL.
The timing of this visit is opportune as aluminium prices are forecast to grow strongly in 2018 and 2019, according to the Aluminium, alumina and bauxite, Resources and Energy Quarterly, December 2017 published by the Office of the Chief Economist of the Australian Government Department of Industry Innovation and Science.
The Company will update the market with details once commercial arrangements are finalised with any of the relevant business organisations.
The Company continues to work towards finalising the application for a Mining Lease (ML) at South Johnstone, with its environmental team, Northern Resource Consultants, monitoring on-site surface water and groundwater quality, and background dust and noise levels, in preparation for the ML application which is now almost complete.
Comment from Pnina Feldman, Chairperson of QBL
"We are excited to finally see the light at the end of the tunnel for this project, with potential business arrangements which we believe will turn our South Johnstone Bauxite deposit into the lucrative project that we have always anticipated it could become. The Company's current trip to China should further these potential arrangements and partnerships that should establish South Johnstone as an exciting project that will benefit the Company and all shareholders."
About Queensland Bauxite Ltd
Queensland Bauxite Limited (ASX:QBL) is an Australian listed company focused on the exploration and development of its bauxite tenements in Queensland and New South Wales. The Company's lead project is the South Johnstone Bauxite Deposit in northern Queensland which has rail running through the project area and is approximately 15-24 kilometres from the nearest deep water port. The Company intends to become a bauxite producer with a focus on commencing production at South Johnstone as early as possible. The Company also pursues additional investment opportunities, and has agreed to acquire a 100% shareholding in Medical Cannabis Limited, an Australian leader in the hemp and Cannabis industries, and a 100% shareholding in Medcan Australia Pty Ltd, a company with an ODC cultivation and production License and a DA approved Cannabis production and manufacturing facility.
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