15 JUNE 2011www.proactiveinvestors.com.au
Bauxite Resources receives A$9m from Yankuang Group, boosts cash position to $50m
Edited by : AL CIRCLE
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Bauxite Resources (ASX: BAU) has received a $9 million reimbursement from joint venture partner Yankuang Group Corporation in accordance with bauxite refinery and bauxite resource agreements signed in January this year.
The payment to Bauxite Resources covers three separate reimbursable amounts due in the June quarter. The final reimbursement will give Yankuang a 70% stake in the bauxite rights for the joint venture tenements, both pending and granted, held by Bauxite Resources in the Darling Range of Western Australia.
The payment to Bauxite Resources covers three separate reimbursable amounts due in the June quarter. The final reimbursement will give Yankuang a 70% stake in the bauxite rights for the joint venture tenements, both pending and granted, held by Bauxite Resources in the Darling Range of Western Australia.
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