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Australian Bauxite on capital raising drive

Australian Bauxite on capital raising drive

Australian Bauxite (ASX: ABZ) has been granted a trading halt by the ASX pending an announcement regarding a proposed capital raising.

The company recently declared a 3.5 million tonne maiden bauxite resource for its Mining Lease ML80126 in Queensland.

This allows Australian Bauxite to define a resource size consideration for concluding final agreements to purchase the mining lease and commence early mine production to supply the buoyant bauxite market.

Scoping Studies for early production are underway.

ML80126 is located 155 kilometres from the Bundaberg Port.

This granted, long-term mining lease might be a fast-track route to the commencement of Australian Bauxite’s large Binjour Bauxite Project, located 115 kilometres southwest of Bundaberg Port.

The halt will last until the earlier of an announcement being made available to the market, or the opening of trade on Monday 18 February.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Australian Bauxite Ltd Timeline

December 10 2013

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