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24 APRIL 2018 AL CIRCLE

Bauxite Resources boosts its Ceres bauxite deposit while Mercantile extends its takeover offer

EDITED BY : BEETHIKA BISWAS 2MINS READ

Mercantile OFM’s A11c per share proportional takeover offer for Bauxite Resources has been extended until May 21, while the company is fighting back, boosting its venture Ceres bauxite deposit in the Darling Range, Western Australia by 48%, a company press release confirmed.

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The exploration project areas are contained within the Company’s joint venture agreement with HD Mining & Investments Pty Ltd. HDM is funding the exploration activities in Ceres. BRL retains 100% interest in other minerals for these exploration licences. The Company currently has exploration access agreements in place and they need to complete mining access agreements and a mining lease to start mining. The previous resource estimate announced in July 2012 stood at 14.8Mt at 31.7% available alumina.

It is assumed that the deposit could potentially be mined using open pit techniques. No assumptions have been made regarding metallurgy other than the material could be refined using the industry recognised Bayer Processing method.

Mercantile OFM has extended the Offer Period under its proportional takeover bid for 50% of the issued ordinary shares in Bauxite Resources Limited  to 7:00pm (Sydney time) 21 May 2018.  As a result of the Extension of the Offer Period the new date for acceptance of Mercantile OFM’s takeover offer is now 14 May 2018.

Mercantile is constantly pursuing its target 50% stake, despite only securing 16.98% of the company since the bid opened in November. 

 

 


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EDITED BY : BEETHIKA BISWAS 2MINS READ

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