Proactive Investors - Run By Investors For Investors

Australian Bauxite discovers high-quality refractory-grade bauxite

Exploring the Penrose state pine forest in New South Wales.
Australian Bauxite discovers high-quality refractory-grade bauxite
The company’s Bald Hill mine started operations in 2014

Australian Bauxite (ASX:ABX) has discovered a layer of refractory-grade bauxite in Penrose state pine forest, 90 kilometres from Port Kembla in New South Wales.

In late 2015, the company was granted its long-awaited tenement over the Penrose state pine forest which is close to transport infrastructure and suited to quarrying during forest harvest cycles.

The discovery of refractory-grade bauxite is a positive development as it is used for heat containments and abrasives, selling for up to 5 times the current price of metallurgical grade bauxite.

Australian Bauxite currently sells bauxite from its Bald Hill mine into cement and fertiliser markets at prices higher than could be achieved in the over-supplied metallurgical bauxite market.

The company’s Bald Hill mine at Tasmania commenced operations in December 2014 – the first new Australian bauxite mine in more than 35 years.

The recent discovery of the refractory-grade bauxite at Penrose state pine forest opens up the possibility of a new, high-priced market for ABX’s bauxite products to add to its existing suite of products.

Exploration of extensions at Penrose will continue simultaneously with market testing of this special bauxite product which is in critical short supply in Australia and globally.

Australian Bauxite’s shares were last trading 4% higher intra-day on Monday, at $0.13.

View full ABX profile View Profile

Australian Bauxite Ltd Timeline

Newswire
December 10 2013

Related Articles

Drilling equipment on a Yandal site last year in 2018
January 10 2019
The ASX newcomer is backed by Northern Star Resources which holds a 15% stake.
Drilling is underway at Apollo Hill project
February 19 2019
Apollo Hill Gold Project in the Eastern Goldfields is the key focus.
1549368147_Danakali-SOP.jpg
April 29 2019
Kore Potash has completed a definitive feasibility study on the Kola project

© Proactive Investors 2019

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use