Australian Bauxite Limited (ASX:ABZ) Debut On The Australian Stock Exchange (ASX)
Sydney, Dec 24, 2009 AEST (ABN Newswire) - Australian Bauxite Limited (ASX:ABZ) will commence trading at 11:00 am today on the Australian Securities, following its over-subscribed A$4 million initial public offering (IPO).
The IPO closed 3 weeks early on the back of significant investor support and was well oversubscribed with more than 600 applications received.
Australian Bauxite CEO, Ian Levy said;
"Australian Bauxite is off to a good start. We have already attracted strong investor support and strong interest from prospective customers for our bauxite products. However, one step at a time - our initial task is to confirm the priority bauxite targets then drill them as soon as practicable.
"ABx has a total of 70 million shares on issue, which at the offer price of 20 cents per share represents a market capitalisation of A$14 million.
"The groundwork for our bauxite exploration was laid in the early 1950s through extensive government exploration on the east coast of Australia. Our geological team has over 70 years of combined experience and is led by Jacob Rebek, who cut his teeth at Rio Tinto and CRA for over 33 years.
"Inspirational data reinterpretation and three years of tried-and-true field reconnaissance of thousands of kilometres of ground led to the development of our original geological model.
"Our project area selection was based on three economic determinants - high quality bauxite product, large thickness of the bauxite layer, and good enviro-economic settings, located close to transport infrastructure, coal mines, industrial centres and ports on the east coast of Australia.
"ABx now has a portfolio of 17 tenements, in 3 commercial development areas, all prospective for bauxite; Australian Bauxite is well positioned to become a significant bauxite force."
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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