Bauxite Resources Limited (ASX:BAU) June 2012 Quarterly Activities and Cashflow Reports.
- JORC Bauxite resources increased by 172% to 139.5Mt
-- New 73 Mt Felicitas bauxite resource announced - May 2012
-- New 15 Mt Ceres bauxite resource announced - July 2012
- Appointment of credentialled executive Bill Moss to head up BAJV
- Recruitment underway for successor to current CEO who steps down at end of 2012
- Cash in hand $48.03 million with no bank debt
BAUXITE RESOURCES (JORC) INCREASED TO 139.5 MILLION TONNES
Bauxite Resources Ltd (BRL or the Company), and its joint ventures has increased its overall JORC compliant bauxite resource base to almost 140 million tonnes. This has been achieved with the announcement of two new bauxite Resources in June (Felicitas) and July (Ceres).
BRL considers the JORC resource increases achieved over the last 12 months to be an excellent result that significantly improves the opportunity for the Company and its joint venture partners to develop a bauxite mining operation in the south west of Western Australia. The Company now has a number of potential mining projects in its portfolio and over the coming months will, together with its JV partners, identify those that should be prioritised for development.
APPOINTMENT OF BILL MOSS TO Bauxite Alumina Joint Venture (BAJV)
The Bauxite Alumina Joint Ventures with Yankuang Resources Ltd (Yankuang) have dual aims of defining bauxite resources for mining and development of a business case for a 1.1Mtpa alumina refinery to treat the Joint Venture bauxite. During the quarter, the BAJV announced the appointment of Mr Bill Moss as its new General Manager commencing 2nd October 2012. Mr Moss is a highly credentialled executive with significant Australian and international experience in the bauxite/alumina sphere and was, until recently the Project Director of the worlds largest bauxite to aluminium complex development at Ma'aden, Saudi Arabia. The recruitment of Mr Moss to head up the BAJV is a significant appointment and another positive step towards achievement of the joint ventures objectives.
RECRUITMENT UNDERWAY FOR SUCCESSOR TO CEO WHO STEPS DOWN AT THE END OF 2012
BRL's CEO, Scott Donaldson, has advised of his intention to step down from the dual role of CEO and Executive Director at the end of the 2012 calendar year in order to pursue other business interests. The Company has commenced an executive search for his replacement. During the tenure of Mr Donaldson BRL has established and bedded down its bauxite/alumina joint venture with Yankuang and bauxite resources have increased by approximately 800%.
OTHER MINERALS REVIEW
The Company announced a review of the prospectivity for other non bauxite minerals on its tenements in early 2012. Preliminary work has been completed and further programs of work will be completed once the Company has received the last of the aero magnetic survey data from the Western Australia Geological Survey in August. The Company will make further comment once that data has been reviewed.
EXPLORATION LICENCE APPLICATIONS
The Company now has 65 exploration licences granted in Western Australia, 59 of these are have been granted in the Darling Range area of which five were granted during the quarter. A further 67 are under application of which three have been referred to the Minister of Mines for a decision with a recommendation by the Western Australia Mining Warden against grant. Of the remaining 64 applications, 63 have passed through the statutory objection period without any objections received.
To view the complete Bauxite Resources quarterly report including Tables and Figures, please click the link below:
About Bauxite Resources Limited:
Bauxite Resources Limited (ASX:BAU) was established in May 2006 to become a part of the bauxite and alumina industries in Western Australia where four of the seven Australian alumina refineries and four of Australia's bauxite mines are located. The Company listed on the Australian Securities Exchange (ASX) in October 2007.
Bauxite Resources is the largest tenement holder in the Darling Range with approximately 24,000 km2 of ground. This area in south-west Western Australia is acknowledged as the largest producing alumina region in the world supplying approximately 23% of global production.
Copyright 2012 ABN Newswire
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|Date:||Aug 2, 2012|
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