A new $580 million bauxite project in Cape York awaits approval

A new company has been launched to handle a $580 million bauxite project in the Cape York. According to the Australian Bauxite Development, Nick Stump, former CEO of Comalco will be heading the new board. John Benson, another member and a part of the Australian Indigenous Resources, also bid for the lease earlier this year but it was rejected by the State Government.

The new project will be an Indigenous enterprise, said Mr. Stump. The Indigenous Land Use Agreement with the Wik and Wik Way people is almost finalized. He also says the Arukun people and the traditional owners have a direct stake in the company.

"That is a full carried interest and they virtually have 15 per cent of the company and joint ownership of the deposit."

With 40 years of mining experience, Mr Stump is hoping that the new model for the project will be approved by the Government even though the last two bids for the project were rejected. He says discussions are underway with the Government.

The company in the meanwhile is in a “ready to go” status. They have their drill equipment ready as they hope to get some drilling done before the wet season. Even their finance package is in place.