The DNRM have now formally confirmed to the Company that following this important decision, no further material information is now required from the company and that they are committed to finalising this application within the next 30 days.
As previously advised, in parallel with the development work to be undertaken under the now expected MDL, the Company is actively working towards Mining Lease (ML) applications to allow for mining of all the identified bauxite ore resources at Camp Creek.
The bauxite mineralisation at South Johnstone being close to surface and right off the main highway adjacent to port, close to the Asian markets, means that the Company's capital and operational costs are estimated to be of the lowest cost bauxite projects. As previously reported in the Company's released scoping study, capital expenditure is expected to be only approximately $5 million, and operating expenditure is expected to be only AUD$20.87 per tonne FOB Mourilyan Harbour. For the full summary of the scoping study please see the announcement previously released by the Company which can be accessed using the following link:
The operational results from the working of the MDL will be a key part of the overall strategy to develop an export operation in a staged development of South Johnstone that allows for long term mining and export on a prospect by prospect basis at low cost within the entire project area.
The Board would like to thank the dedicated geological team, consultants and contractors of QBL, headed by our chief Geoscientist Dr Robert Coenraads, who have worked so diligently to achieve this result.
About Queensland Bauxite Ltd
Queensland Bauxite Limited (ASX:QBL) is an Australian listed company focused on the exploration and development of its bauxite tenements in Queensland and New South Wales. The Company's lead project is the South Johnstone Bauxite Deposit in northern Queensland which has rail running through the project area and is approximately 15-24 kilometres from the nearest deep water port. The Company intends to become a bauxite producer with a focus on commencing production at South Johnstone as early as possible. The Company also pursues additional investment opportunities, and has acquired a 55% shareholding in Medical Cannabis Limited, an Australian leader in the hemp and Cannabis industries.
Queensland Bauxite Ltd