11 MAY 2016www.miningweekly.com
Australian Bauxite hits payday for bauxite shipment
Edited by : AL CIRCLE
2 min read
ASX-listed Australian Bauxite (ABx) is hoping to ship its second batch of bauxite from the Bald Hill mine, in Tasmania, within the next two months.
The miner said on Tuesday that full payment had now been received for the maiden cargo of 5 557 t of cement-grade bauxite that left Tasmania in April this year, concluding the first sale of bauxite from the mine.
The second shipment of between 30 000 t and 40 000 t was progressing, with a large stockpile site in the receiving port being set up to receive the bauxite.
ABx said that, while the sales price for the second shipment was "satisfactorily profitable", it remained confidential. The continuing sales of cement-grade bauxite would allow ABx to continue to fund its growth from revenues, including research and development to allow the company to separate its bauxite into the three constituent product types.
Due to the deterioration in the metallurgical bauxite market, ABx earlier this year suspended bauxite production and haulage at the Bald Hill mine, with operations only expected to resume once additional sales contracts were finalised.
It was expected that the project restart would only take around two weeks. Negotiations with three new potential customers had started since the maiden shipment was undertaken in April.
The miner said on Tuesday that full payment had now been received for the maiden cargo of 5 557 t of cement-grade bauxite that left Tasmania in April this year, concluding the first sale of bauxite from the mine.
The second shipment of between 30 000 t and 40 000 t was progressing, with a large stockpile site in the receiving port being set up to receive the bauxite.
ABx said that, while the sales price for the second shipment was "satisfactorily profitable", it remained confidential. The continuing sales of cement-grade bauxite would allow ABx to continue to fund its growth from revenues, including research and development to allow the company to separate its bauxite into the three constituent product types.
Due to the deterioration in the metallurgical bauxite market, ABx earlier this year suspended bauxite production and haulage at the Bald Hill mine, with operations only expected to resume once additional sales contracts were finalised.
It was expected that the project restart would only take around two weeks. Negotiations with three new potential customers had started since the maiden shipment was undertaken in April.
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