 |
Tweet |
Sydney, July 30, 2012 (ABN Newswire) - Australian Bauxite Limited (
ASX:ABZ) announce the quarterly report is dated 30 July 2012 and is for the three months to 30 June 2012.
PRINCIPAL POINTS
Corporate
- Mr Vincent Tan retired as a director
- Cash in hand at 30 June was $2.8 million
- Pre-feasibility study nearing completion
- $1.68 million capital raising completed 8 June 2012
- $0.45 million share purchase plan to eligible shareholders; completed 12 July
Exploration
- Goulburn - Taralga bauxite resource up by 50% to 38 million tonnes
- Binjour bauxite resource increased by 46% to 24.5 million tonnes
- Inverell - grade improvement
Goulburn Bauxite Project Pre-Feasibility Study (PFS) expanded
An engineering study by GHD consultants is in progress to provide a ramp-up option to export 2.5 to 3Mtpa bauxite in Panamax or Cape Size ships out of Port Kembla. This will complete the PFS work, expected during the September quarter.
Conclusions of the PFS will be reported on completion of the GHD study and once commercial negotiations with potential customers are well advanced. At the completion of the pre-feasibility study Marubeni can elect to acquire a 35% joint venture interest in the Goulburn-Taralga bauxite project.
Tenement status
Tenements are 100% in good standing.
Market Commentary
Bauxite Supply Volatility as Predicted Bauxite shipments from Indonesia jumped then fell sharply as bans and taxes took effect. This supports ABx's business plan.
View the full Quarterly Activities Report here:
http://media.abnnewswire.net/media/en/docs/ASX-ABZ-687666.pdf
ASX:ABZ) announce the quarterly report is dated 30 July 2012 and is for the three months to 30 June 2012.PRINCIPAL POINTS
Corporate
- Mr Vincent Tan retired as a director
- Cash in hand at 30 June was $2.8 million
- Pre-feasibility study nearing completion
- $1.68 million capital raising completed 8 June 2012
- $0.45 million share purchase plan to eligible shareholders; completed 12 July
Exploration
- Goulburn - Taralga bauxite resource up by 50% to 38 million tonnes
- Binjour bauxite resource increased by 46% to 24.5 million tonnes
- Inverell - grade improvement
Goulburn Bauxite Project Pre-Feasibility Study (PFS) expanded
An engineering study by GHD consultants is in progress to provide a ramp-up option to export 2.5 to 3Mtpa bauxite in Panamax or Cape Size ships out of Port Kembla. This will complete the PFS work, expected during the September quarter.
Conclusions of the PFS will be reported on completion of the GHD study and once commercial negotiations with potential customers are well advanced. At the completion of the pre-feasibility study Marubeni can elect to acquire a 35% joint venture interest in the Goulburn-Taralga bauxite project.
Tenement status
Tenements are 100% in good standing.
Market Commentary
Bauxite Supply Volatility as Predicted Bauxite shipments from Indonesia jumped then fell sharply as bans and taxes took effect. This supports ABx's business plan.
View the full Quarterly Activities Report here:
http://media.abnnewswire.net/media/en/docs/ASX-ABZ-687666.pdf
|
Tweet |
About Australian Bauxite Limited
Australian Bauxite Limited (ABx) (ASX:ABZ) holds the core of the newly discovered Eastern Australian Bauxite Province. Its 37 bauxite tenements in Queensland, NSW and Tasmania covering 8,500 km2 were rigorously selected on 3 principles: 1. good quality bauxite; 2. proximity to infrastructure connected to export ports; and, 3. free of socio-environmental or native title land constraints.
All tenements are 100% owned and free of obligations for processing and third-party royalties. ABx has already discovered many bauxite deposits and new discoveries are still being made as knowledge and expertise grows.
The company's bauxite is high quality and can be processed into alumina at low temperature – the type that is in short-supply globally. Global resources declared to date are 68 million tonnes. At the company's first drilling prospect in Inverell, northern NSW, an interim resource of 35 million tonnes has been reported from drilling 15% to 20% of the area prospective for bauxite and a resource of 25 million tonnes of bauxite has been reported at the Taralga project in southern NSW. 6 million tonnes maiden resource was declared at Guyra. Results from the Binjour Plateau in central QLD confirm that ABx has discovered a significant bauxite deposit including some bauxite of outstandingly high quality. Australian Bauxite Limited aspires to identify large bauxite resources in the Eastern Australian Bauxite Province which is emerging as one of the world's best bauxite provinces.
ABx has the potential to create significant bauxite developments in three states - Queensland, New South Wales and Tasmania. Its bauxite deposits are favourably located for direct shipping of bauxite to both local and export customers.
|
||
|
 |
Related Companies |
>>>        Australian Bauxite Limited |
| |
Related Industry Topics: |
Financial General | Mining | Bauxite | |
| |
This Page Viewed: (Last 7 Days: 1) (Last 30 Days: 50) (Since Published: 1170) |
ABN Newswire on Social Media | ||||
 |  |  |  |  |
Site Search
| ENGLISH All Languages |
Companies in the News
Mobile Video TV
|
||
|
||
){kind=link}