Proposed Capital Return of 5 cents per Share
Perth, April 29, 2016 AEST (ABN Newswire) - Bauxite Resources Limited (
ASX:BAU) is pleased to announce that the Board has resolved to approve a 5 cent per share capital return, subject to shareholders approval.
Following the successful conclusion of the sale of BRL's interest in the BAJV to its Chinese joint venture partner Yankuang, BRL holds surplus cash to its expected future funding requirements, and the return of capital will, if approved by shareholders, be made prior to the end of the financial year.
The current cash reserves of the Company are in excess of $27.3m, and the proposed capital return of 5 cents per share will result in approximately $10.7m being returned to shareholders, leaving the Company with $16.6m cash retained, no debt and other substantial assets.
The Company has considered a number of proposed investment opportunities and continues to do so. It will continue to review undertaking further capital management initiatives in the future.
About Bauxite Resources Limited
Bauxite Resources (ASX:BAU) (OTCMKTS:BXRDF) was established with a substantial tenement holding in Western Australia to develop new bauxite supply for the global alumina/aluminium industry. The Company listed on the Australian Securities Exchange (ASX) in October 2007.
The Darling Range in the south-west of Western Australia (WA) is the world's largest bauxite mining and alumina refining region producing around 20% of the world's alumina. This area has mined bauxite and refined alumina since the 1960s. These industries are leaders in sustainable resource development and represent the fifth largest sector of WA's resource industry.
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