Australian Bauxite Limited (ASX:ABZ) Concludes Memorandum of Understanding with Marubeni Corporation (TYO:8002) for Goulburn-Taralga Bauxite Project Pre-Feasibility Study
Sydney, Oct 6, 2011 AEST (ABN Newswire) - Australian Bauxite Limited (
ASX:ABZ) (ABx) and Marubeni Corporation (TYO:8002) (Marubeni) have concluded a Memorandum of Understanding to jointly conduct a pre-feasibility study in relation to the Goulburn-Taralga bauxite project located in New South Wales, Australia.
A 25 million tonne bauxite resource has been declared at Taralga and Marubeni will contribute 35% toward the Pre-feasibility funding, estimated to be $1.5 million.
ABx will conduct the pre-feasibility study with participation by Marubeni, which will investigate the market for bauxite and other credits produced from the Goulburn-Taralga bauxite project.
At the completion of the pre-feasibility study Marubeni can elect to acquire a 35% joint venture interest in the Goulburn-Taralga bauxite project and to contribute 35% of the bankable feasibility and development costs. Marubeni will help arrange the finance for the first bauxite project.
Ian Levy, ABx CEO welcomed Marubeni's participation; "We welcome the confidence shown in Australian Bauxite by one of the world's leading metals and resources companies. Marubeni has the global trading network and skills to find the ideal customers for our speciality bauxite products. This relationship will decrease market risk and expedite the funding and development of our first bauxite production."
About Marubeni Group
- One of the largest General Trading Companies in Japan by turnover, founded in 1858
- Publicly listed on the Tokyo, Nagoya and Osaka Stock exchanges (8002.T), with a market capitalisation of US$ 12.5 Billion at 31 March 2011.
- Global trader of a wide range of commodities, it conducts business investment, development and management on a global basis with 119 offices in 69 countries
- In the field of industrial services, Marubeni combines engineering functions and risk management capabilities in various fields such as Renewable Energy, Power and Water Projects, Oil and Gas, Metals and Mineral Resources, Pulp & Paper, Transportation Infrastructure, and Food materials & products.
- Marubeni is a 22.5% owner of Portland Aluminium Smelter, located in Portland in South West Victoria and also owns 8% interest in Boyne Smelters (Line 3), which is located in Boyne Island in Queensland, Australia's largest aluminium smelter. In addition, Marubeni is also a 6.67% owner of Alouette Aluminium Smelter, located in Canada, North America's largest aluminium smelter.
About ABx Group Limited
ABx Group Limited (ABx) (ASX:ABX) is a uniquely positioned Australian company delivering materials for a cleaner future.
The three priority projects are:
- Heavy rare earths: Supplying light and heavy rare earths from Tasmania into Western supply chains
o Processing Options Analysis conducted in partnership with external experts
- Clean fluorine chemical production: Producing industrial chemicals from aluminium smelter by-product (ALCORE)
o Continuous pilot plant under construction in Bell Bay, Tasmania
- Near-term bauxite production: Mining bauxite resources for the aluminium, cement and fertiliser industries
o Agreements executed with Good Importing International for bauxite projects in Queensland and New South Wales, and $2.7 million initial payment has been received
o Approvals well advanced for DL130 bauxite project in northern Tasmania
ABx endorses best practices on agricultural land and strives to leave land and environment better than we find it. We only operate where welcomed.
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