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Bauxite Resources attracts speeding ticket

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Bauxite Resources (ASX:BAU) shares have risen 43.5% to an intra-day high of $0.165 today from a close of $0.115 prompting the ASX to issue a price and volume query.

In response, the company said it was unaware of any reason not already announced that could explain the recent trading.

However, it noted that it had recently completed a $0.04 per share capital return to shareholders that was approved by shareholders at the extraordinary general meeting and paid yesterday.

It has also reached a conditional settlement with a proposed shareholder class action against the Company before commencement of any proceedings.

BAU had in July increased the Resource at its Athena bauxite deposit in the Darling Range, Western Australia by 59% to 36.2 million tonnes grading 32.8% (low temp) available alumina (41.8% total) and 2.8% reactive silica.

It also has a Resource of 40.2 million tonnes at 31.2% low temperature available AI2O3 and 1.8% reactive silica for its Fortuna deposit.

In addition, the company still has $31 million in cash following the capital return.

 

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.

Quick facts: Bauxite Resources

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ASX:BAU
Market: ASX
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