Bauxite Resources
Bauxite Resources Limited (ASX:BAU) was launched in May 2006 to establish itself in 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. It listed successfully on the ASX on 22 October 2007 after closing its A$7.5 million IPO early and oversubscribed.
The Company is the only ASX-listed explorer with tenements in the highly prospective Darling Range, Western Australia, which is the largest producing alumina region in the world. This area supplies approximately 17.5% of the world’s alumina and is home to Alcoa’s Huntly Mine, the largest producing bauxite mine in the world and the Pinjara Refinery the second largest refinery in the world.
The Company is primarily focused on defining an initial sustainable economic bauxite resource sufficient to support a >2Mtpa direct shipping bauxite project through an intensive exploration and data review program to be undertaken in 2008/9 as Stage One. The Company is also reviewing the opportunities for the development of an alumina refinery as Stage Two in the longer term.
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.
Bauxite Resources MOU - Shandong Province needs Australian Minerals
Bauxite Resources Limited, (ASX: BAU) has signed a Memorandum of Understanding (MOU) with the Chinese‐based Shandong Provincial Bureau of Geology and Mineral Resources (“SDGM”).
Bauxite Resources would contribute its knowledge, expertise and experience together with access to its 54 Exploration Licences (ELs) in the Darling Range covering approximately 11,000 square kilometres and databases of historical workings, while SDGM would pay for and carry out its own drilling and exploration in return for earning an interest in all mineral resources discovered other than bauxite, of which BRL retains exclusive rights.
Chinese based Shandong Provincial Bureau of Geology and Mineral Resources (“SDGM”) have a State sanctioned mandate to actively source a variety of minerals throughout the world to support China’s, and in particular the Shandong Provinces industries and economic growth.
The MOU essentially provides both parties with the framework to work together over the next three months to ascertain whether an agreement can be reached as to the suitable terms for a ‘farm in’ type arrangement.
Ms Zheng Jinlan, Director-General of Shandong Bureau of Geology & Minerals, said, “As one of the fastest growing economies in China, Shandong Province has an enormous requirement for minerals to support its increasing strong economy."
“One of the missions for this Bureau is to help find resources overseas for the factories in our province, including steel mills and alumina refineries. We have actually formed strong alliances with these companies and through this kind of alliance; we are able to raise funds for the future development of the resources we have found. Hence a win‐win situation for all parties,” said Ms Zheng.
Earlier MOU signed by Bauxite Resources
Earlier this month Bauxite Resources signed an MOU with Chinese alumina producer Shanxi Wusheng Aluminium Company for the supply of up to 2.8 million tonnes per annum of Direct Shipping Ore (DSO) bauxite.
Bauxite is targeting a resource definition that will support an initial >2Mtpa DSO bauxite project in the highly prospective Darling Ranges, Western Australia. Darling Ranges is the largest producing alumina region in the world. This area supplies approximately 17.5% of the world’s alumina and is home to Alcoa’s (NYSE:AA) Huntly Mine, the largest producing bauxite mine in the world and the Pinjara Refinery the second largest refinery in the world.
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Other Bauxite Resources articles
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16/01/09 Bauxite Resource inks maiden bauxite resource WA
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04/11/08 Bauxite Resources snags Chinese funding and offtake
Other Bauxite Resources news
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30/11/09 Yankuang Corporation receives FIRB approval for investment in Bauxite Resources
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14/10/09 Bauxite Resources shares jump after sealing sales contract with China
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06/10/09 Bauxite Resources signs offtake MOU
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16/09/09 Bauxite Resources in trading halt
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19/08/09 Bauxite Resources inks further MOU with Chinese group, for refinery and equity funding
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28/01/09 Bauxite Mining to start bauxite mining at Darling Range
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20/01/09 High grade bauxite found at Bauxite Resource's Darling Range project