After the AU$9.3 Million capital return, BAU retains AU$30 Million in cash with which to progress development for the Fortuna deposit.
The Fortuna deposit is 100% owed by Bauxite Resources, close to infrastructure and more importantly, close to China, the biggest consumer of bauxite globally.
Since defining a maiden resource, BAU have been growing the resource, with a material increase in grades assisting the overall project economics.
BAU recently appointed AMC for the scoping study and project economics which will take approximately two to three months.
BAU have also appointed a technical marketing group for looking at the technical marketing of bauxite worldwide.
The bauxite market over last the last six months has been dynamic, indicating a longer term demand and growth from 35 million tonnes in 2012 to around 95 million tonnes in 2022.
As stockpiles have recently diminished, this has had the effect of strengthening prices making the longer term demand look strong.
BAU has a number of projects for the development of further bauxite resources.
First Fortuna with a two year timeline, followed by JV arrangements with a pipeline of potential projects that will increase the bauxite supply to meet the expected future demand.
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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.
Bauxite Resources Limited