Australian Bauxite (ASX:ABX) has reported it is in negotiations for financing of its Bald Hill bauxite project in Tasmania.
The project has received a Tasmanian Mining Lease for the mine.
Ngotiations are understood to be well advanced and that the funding is now focussed on clarifications of key terms of a number of agreements on offer from a number of parties.
The Company said it is confident that suitable funding arrangements will be finalised in step with the completion of the DPEMP review and commencement of mining.
The Development Proposal and Environmental Management Plan was lodged with the Environmental Protection Agency and the North Midlands Council.
It has been advertised and placed on public display for 28 days. Once this process is concluded, a Development Approval can be granted and operations can commence.
The Company said it expects mining to commence on schedule in late 2014, using Tasmanian contract operators with proven track records in mining, screening, rehabilitation and logistics.
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.