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 ABx Group Limited
ABx Group Limited (ABx) (ASX:ABX) started as a bauxite miner in Tasmania in 2014 & controls the Eastern Australian Bauxite Province. In 2020 to 2023, ABx also discovered Australia’s only true ionic adsorption clay Rare Earth Elements resource at Deep Leads in pine plantations 40km west of Launceston with a JORC-compliant resource of 89 million tonnes from only 29% of the mineralised outline, averaging 844 ppm total rare earth oxides that is the most enriched in the critically important rare earths, Dy and Tb, of any Australian REE deposit.
ABx has also developed a proprietary technology to produce fluorine chemicals from an aluminium smelter waste product and return the fluorine back into the smelters, thus reducing reliance on imported aluminium fluoride.
ABx has committed a large proportion of its expenditure into Research and Development and has found ways to capitalise on the main strengths of its bauxite type which is very clean, free of all deleterious elements and can be separated into different product streams using physical, chemical and geophysical methods. It has produced and marketed specialist bauxite products for the manufacturers of fertiliser, cement with high late strength for major infrastructure such as bridges and is in the advanced stages of approvals for production of metallurgical bauxite from its Binjour Bauxite deposit with JORC-compliant resources of 37 million tonnes of bauxite, in a joint development with a Chinese-focussed Australian trading company Good Importing International.
ABx is also preparing to produce fertiliser grade and cement grade bauxite from its DL130 bauxite quarry in northern Tasmania, 40km west of Launceston. This quarry is sited in the middle of the large Deep Leads REE deposit and may one day be a site for heap leaching of the REE using a low-cost, benign leachate with the same acidity as apple juice or tea.
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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