High Grade Refractory Bauxite Identified
Sydney, Feb 27, 2017 AEST (ABN Newswire) - Australian Bauxite Ltd (
ASX:ABX) is pleased to provide an exploration update. High quality refractory-grade bauxite discovered inland of Port Kembla ABx has discovered a layer of refractory-grade bauxite in Penrose state pine forest, adjacent to the Hume Highway, 90 kilometres from Port Kembla.
Refractory-grade bauxite is used for heat containment and abrasives and can sell for up to 5 times the current price of metallurgical grade bauxite. ABx currently sells bauxite into cement and fertiliser markets at prices higher than could be achieved in the over-supplied metallurgical bauxite market. The recent discovery of a layer of high-quality refractory-grade bauxite opens up the possibly of a new, high-priced market for ABx's bauxite products to add to its existing suite of bauxite products.
ABx CEO, Ian Levy said; "In late 2015, the company was granted its long-awaited tenement over Penrose state pine forest which is close to transport infrastructure and suited to quarrying during forest harvest cycles. The discovery of a thick layer of high-value refractory-grade bauxite is a positive development. Exploration of extensions to this deposit will continue simultaneously with market testing of this special bauxite product which is in critical short supply in Australia and globally. This will assist the marketing of ABx's current cement-grade and fertiliser-grade bauxite products from its first mine at Bald Hill in Tasmania."
Surface sampling in Penrose state pine forest
Surface exposures of bauxite in the Penrose Forest Exploration Licence EL 8370 tends to be iron-rich and gives no indication of the presence of deeper layers of higher grade and refractory grade bauxite.
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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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