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Perth, April 1, 2011 (ABN Newswire) - Bauxite Resources Limited (
ASX:BAU) and Yankuang Corporation ("Yankuang") are pleased to announce that the exploration and refinery joint ventures officially commence today, 1 April 2011.
The exploration joint venture will explore for bauxite in BRL's Darling Range tenements. 30 tenements have been granted and a further 72 have been applied for. BRL will fund 30% of the exploration cost and Yankuang 70%. The target for bauxite discovery within one year is 60 million tonnes, and 90 million tonnes within three years.
The refinery joint venture will conduct a Bankable Feasibility Study ("BFS") for the site selection, design, construction and operation of a new alumina refinery in the south-west of Western Australia. BRL will fund 10% of the BFS and Yankuang 90%. Subject to the BFS, and subject to regulatory approval, BRL will fund 9% of the construction of the refinery and receive 30% of the alumina product. Yankuang will fund 91% of the construction and receive 70% of the alumina product. Yankuang has agreed to offtake 50% of BRL's share of alumina for the first 10 years of refinery operation in order to secure repayment of BRL's borrowings.
The Project is expected to be substantially commenced within 5 years.
Yankuang have transferred senior staff from Shandong Province in China to work in the joint venture alongside BRL staff.
ASX:BAU) and Yankuang Corporation ("Yankuang") are pleased to announce that the exploration and refinery joint ventures officially commence today, 1 April 2011.The exploration joint venture will explore for bauxite in BRL's Darling Range tenements. 30 tenements have been granted and a further 72 have been applied for. BRL will fund 30% of the exploration cost and Yankuang 70%. The target for bauxite discovery within one year is 60 million tonnes, and 90 million tonnes within three years.
The refinery joint venture will conduct a Bankable Feasibility Study ("BFS") for the site selection, design, construction and operation of a new alumina refinery in the south-west of Western Australia. BRL will fund 10% of the BFS and Yankuang 90%. Subject to the BFS, and subject to regulatory approval, BRL will fund 9% of the construction of the refinery and receive 30% of the alumina product. Yankuang will fund 91% of the construction and receive 70% of the alumina product. Yankuang has agreed to offtake 50% of BRL's share of alumina for the first 10 years of refinery operation in order to secure repayment of BRL's borrowings.
The Project is expected to be substantially commenced within 5 years.
Yankuang have transferred senior staff from Shandong Province in China to work in the joint venture alongside BRL staff.
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About Bauxite Resources Limited
Bauxite Resources Limited (ASX:BAU) was established in May 2006 to become a part of the bauxite and alumina industries in Western Australia where four of the seven Australian alumina refineries and four of Australia’s bauxite mines are located. The Company listed on the Australian Securities Exchange (ASX) in October 2007.
Bauxite Resources is the largest tenement holder in the Darling Range with approximately 24,000 km2 of ground. This area in south-west Western Australia is acknowledged as the largest producing alumina region in the world supplying approximately 23% of global production.
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