Quarterly Activities Report to June 30, 2012
Sydney, July 30, 2012 AEST (ABN Newswire) - Australian Bauxite Limited (
ASX:ABZ) announce the quarterly report is dated 30 July 2012 and is for the three months to 30 June 2012.
PRINCIPAL POINTS
Corporate
- Mr Vincent Tan retired as a director
- Cash in hand at 30 June was $2.8 million
- Pre-feasibility study nearing completion
- $1.68 million capital raising completed 8 June 2012
- $0.45 million share purchase plan to eligible shareholders; completed 12 July
Exploration
- Goulburn - Taralga bauxite resource up by 50% to 38 million tonnes
- Binjour bauxite resource increased by 46% to 24.5 million tonnes
- Inverell - grade improvement
Goulburn Bauxite Project Pre-Feasibility Study (PFS) expanded
An engineering study by GHD consultants is in progress to provide a ramp-up option to export 2.5 to 3Mtpa bauxite in Panamax or Cape Size ships out of Port Kembla. This will complete the PFS work, expected during the September quarter.
Conclusions of the PFS will be reported on completion of the GHD study and once commercial negotiations with potential customers are well advanced. At the completion of the pre-feasibility study Marubeni can elect to acquire a 35% joint venture interest in the Goulburn-Taralga bauxite project.
Tenement status
Tenements are 100% in good standing.
Market Commentary
Bauxite Supply Volatility as Predicted Bauxite shipments from Indonesia jumped then fell sharply as bans and taxes took effect. This supports ABx's business plan.
View the full Quarterly Activities Report here:
http://media.abnnewswire.net/media/en/docs/ASX-ABZ-687666.pdf
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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