Bauxite Resources Limited (ASX:BAU) Shareholders Support Alumina Refinery Deal
Perth, Nov 26, 2010 AEST (ABN Newswire) - Shareholders at the Bauxite Resources Limited (
ASX:BAU) annual general meeting voted overwhelmingly in favour of a Board resolution for an agreement to exchange access to alumina product to Yankuang Corporation for the building and construction of an alumina refinery in the south-west of Western Australia. Proxy votes for the proposal totalled 99 million shares with only 14 thousand shares opposing the resolution. The shareholder approval was one of the conditions precedent in the recently signed binding Further Heads of Agreement with Yankuang.
Previously BRL had a strategy that would depend on the generation of cash from direct shipping of bauxite to build a base for secondary processing including an alumina refinery; this Further Heads of Agreement now represents a positive opportunity to deliver shareholder value by securing finance with our strategic partner Yankuang.
Re-elected BRL Chairman Barry Carbon said; 'The Board is encouraged by this shareholder support for our amended strategy. BRL will now set about specific milestones for next year. We hope by the end of 2011 to have demonstrated 60 million tonnes of bauxite, to have completed site selection for our refinery, and to have progressed feasibility and design sufficient to make a formal application for approvals. We are talking to our partners Yankuang about jointly commissioning the very best of modern refinery design. Yankuang has the experience and technology to ensure a state of the art refinery in the southwest which will secure long term employment for the region and provide value added secondary processing to WA industry'.
'Separate from the refinery proposal we are still seeking environmental approval for direct shipping of bauxite at our tenements to the north of Perth' he said.
BRL directors Yan Jitai, Ding Feng, Luke Atkins and Neil Lithgow have also been re-elected.
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.
| ||
|
