Australian Bauxite reports ALCORE project update

Leading bauxite producer, Australian Bauxite Limited reported progress on the ALCORE project as per schedule announced to the Australian Stock Exchange on November 13, 2017.

The project aims at developing bauxite beneficiation and refining technology that will be used to produce Aluminium Fluoride from bauxite. (Aluminium Fluoride is used in aluminium production and in lithium ion batteries). ALCORE will also produce Corethane- a hydrocarbon that can be used as a substitute for natural gas and can provide energy for the proposed ALCORE production plant.   

Currently ABx Group has an available cash of A$2.05 million. The company has unused lines of credit for working capital and has no immediate plans for capital raisings.

Project Highlights:

• ABx has commissioned an engineering, design and costing study by Turnkey Innovative Engineering Pty Ltd for the Engineering Validation Plant (EV Plant).
• Financing plans are scheduled to be finalised and announced in March 2018. Till now three parties involved in the Aluminium Fluoride industry have approached ABx to discuss future sales.
• Two major companies- Corethane and Silica Fume have approached ABx seeking negotiations for access to two of the major co-products from the ALCORE production plant.
• ALCORE and ABx management are in discussions with a state-of-the-art developer of robust gas turbines.

ABx CEO, Ian Levy said; "This is an exciting time for ABx's business development. We are pushing ahead on all fronts as hard as possible and we are sincerely grateful for the offers for funds from supportive shareholders who appreciate the massive value addition to our normal bauxite business that will arise from an ALCORE development.

"However, there are a lot of moving parts yet to be finalised and ABx will remain frugal with shareholders' funds until the ABx Board of Directors is satisfied that we have arrived at the best possible deal for our supportive shareholders.