Australian Bauxite boasts solid financials, says all projects are on schedule

The bauxite exploration and development company Australian Bauxite (ABx) has announced its quarterly highlights for the period ending December 31, 2017.

The company said it was able to complete all its sales despatches successfully as scheduled and even loaded and shipped a combined 35,000 tonnes of cement-grade bauxite from Bell Bay port, Tasmania, three weeks ahead of schedule in October last year.

ABx executed a Heads of Agreement with Refined Ore Industries Limited (ROIL) for the global exclusive rights for Bauxite Refining Technology developed to beneficiate and refine bauxite into high value products (Aluminium Fluoride specifically). On completion, the project will help reduce Australia’s import dependency for the industrial mineral.

The bauxite miner also commissioned Turnkey Innovative Engineering Pty Ltd (Turnkey) to further the engineering, designing and costing operations of the first stage of its ALCORE project.

Financing plans for the project are to be finalised by mid-2018, the quarterly progress statement mentioned.

Resource modelling at Binjour Bauxite mining project- ABx’s another ongoing project is progressing as per plan. The miner collected bulk samples from the site ahead of schedule in December to ensure on-time negotiations with customers.

On the financial front, ABx said its available cash position was $1.94 million and had lines of credit for working capital. However, it has no plans for major capital raisings.