Bauxite Resources Limited
Bauxite Resources Limited has tenements in the highly prospective Darling Range, Western Australia, which is the largest producing alumina region in the world. As at 30 September 2008, Bauxite Resources Limited (BRL) has 47 tenement licenses, 3 granted and 44 in application. Tenements and applications now cover over 8,631km2 (approx) of the highly prospective bauxite ground which includes the world class bauxite production region of the West Australian Darling Ranges. Historical data review now completed, target generation phase well advanced. Target generation and evaluation phase commences.
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Bauxite Resources Inks Further MOU With Chinese Group, For Refinery And Equity Funding
Near term bauxite developer, Bauxite Resources () has inked a further Memorandum of Understanding (MOU) with a Chinese group.
Yankuang Group Corporation and BAU have agreed to co-operate on a second stage plan - the development of a joint venture 50-50 alimina refinery in south-west of Western Australia.
An issue of shares via a placement to Yankuang Group is also contemplated - at 50 cents per BAU share to raise $9.85 million. Shareholder and regulatory approvals are required over the coming months.
This is BAU's second MOU in a month. Offtaker, Hongfan Holdings signed an MOU with BAU for export of 1.25 mtpa of bauxite from the Darling Range.
BAU has entered into ‘trial spot sample' shipment sales arrangements with several groups as a first stage in its ramp up to developing its initial 1 million tonnes per annum (mtpa) Direct Shipping Ore (DSO) at the Darling Range in Western Australia. BAU aims to commence production by first quarter 2010 from North Bindoon in the Drling Range. Extractive license has been granted allowing mining to commence.
This represents something of a coup for BAU, as the company has been listed on the ASX for less than two years.
The region is the largest bauxite and alumina producing region in the world, with four alumina refineries supply almost 20% of the world's alumina, which is feedstock for aluminium smelting.
Ultimate production target is for BAU to be producing 3mtpa of bauxite as well as downstream value added products.
