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Australian Bauxite granted a trading halt
Edited by : AL CIRCLE
1 min read
Australian Bauxite has been granted a trading halt by the ASX pending details of a proposed capital rising, with the company's shares placed in pre-open.
Australian Bauxite has not yet indicated where the potential inflow of funds will be allocated, but the company recently expanded Pre-Feasibility Studies at the Goulburn Bauxite Project due to thick bauxite discovered earlier in the year.
Importantly - over half of the 38 million tonne resource has been identified as high grade. Pre Feasibility Study Metallurgical Tests confirmed that the remaining 47% of total identified bauxite resources, called PDM-DSO bauxite, contains dense, hard, magnetic emery nodules that are easily recovered by gravity screening for sale, leaving the remaining 70% light fraction as DSO grade bauxite.
The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Wednesday 6th June.
Australian Bauxite has not yet indicated where the potential inflow of funds will be allocated, but the company recently expanded Pre-Feasibility Studies at the Goulburn Bauxite Project due to thick bauxite discovered earlier in the year.
Importantly - over half of the 38 million tonne resource has been identified as high grade. Pre Feasibility Study Metallurgical Tests confirmed that the remaining 47% of total identified bauxite resources, called PDM-DSO bauxite, contains dense, hard, magnetic emery nodules that are easily recovered by gravity screening for sale, leaving the remaining 70% light fraction as DSO grade bauxite.
The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Wednesday 6th June.
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