Quarterly Report
Sydney, Aug 1, 2018 AEST (ABN Newswire) - Queensland Bauxite Ltd (
ASX:QBL) provides the Company's Quarterly Report.
EXECUTIVE CHAIRPERSON'S REPORT
On behalf of the Directors of Queensland Bauxite Limited, I am pleased to announce an update of our activities.
Operational momentum in our subsidiary MCL continued during the quarter, with significant investment delivering targeted results. Milestones included the completion of the expanded nutritional hemp production facility in Queensland, the procurement of crucial medical cannabis licenses and the announcement of the transformational MCL and Medcan acquisitions.
The Board of Directors considers that the acquisition of MCL and Medcan are a vital step in progressing the Company's vision of becoming a leading provider of nutritional hemp and medicinal cannabis products to supply the growing domestic and international global markets.
The Acquisitions will enable the Company to complete its second vertically integrated business from 'seed to consumer' in medicinal cannabis, in line with the strategy of the revenue generating nutritional hemp business.
MCL has taken the opportunity, in the infancy stages of this new burgeoning hemp Industry, to prepare to take a large market share in this exciting and growing industry by investing in and completing major infrastructure upgrades at our Processing facilities in QLD. With both nutritional hemp and medical cannabis divisions now vertically integrated we are set for success to capture value through the supply chain. The Board has confidence of material growth in revenues over the next twelve months as a result.
The Company continues to move forward with the development of its bauxite projects and is progressing with its discussions with potential offtake partners following a recent management visit to China. The directors are confident that with the appropriate offtake partner, the bauxite projects will be a source of material revenue for the Company.
I would like to thank our Board and our dedicated and united management team who have assisted in the rapid development of MCL over the past year, who have been at the forefront of the numerous deals and alliances that have manifoldly increased the Company's market capitalisation. A special thank you to our loyal shareholders for the support that the Company's move into cannabis research and revenue has received. We all look forward to an exciting second half to 2018 and anticipate that the best is yet to come!
To view the full report, please visit:
http://abnnewswire.net/lnk/HT82R288
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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