29 OCTOBER 2015AlCircle.com
Bauxite Resources reports reduced mining activities in quarter ended Sept 30
Edited by : AL CIRCLE
1 min read
Bauxite Resources Limited has recently announced its September 2015 quarterly report. During the quarter, exploration activities were significantly reduced while the dispute with Yankuang was under mediation. The result of that mediation was announced to the market on 21 October 2015.
Bauxite Resources Ltd, Yankuang Resources Pty Ltd and Yankuang Group Company Ltd had been engaged in a formal mediation in an effort to resolve the dispute between the parties regarding amongst other things the progress of the Refinery Bankable Feasibility Study.
The mediation was conducted on 11 August 2015 and was adjourned to enable the parties to explore a proposal under which the joint ventures would be terminated with Yankuang acquiring BRL's interests in the joint ventures and in BRL's 100% owned Fortuna bauxite interests.
Since the mediation was adjourned on 11 August 2015, the parties and their solicitors were actively engaged in ongoing negotiations which have resulted in them entering into the non- binding Memorandum of Understanding (MOU).
During the quarter, Sam Middlemas was appointed new CEO following the departure of Peter Canterbury.
The company also reported that the cash at bank stands at A$22.2 million and there is no debt, which adds to BRL's financial credidibility.
Bauxite Resources Ltd, Yankuang Resources Pty Ltd and Yankuang Group Company Ltd had been engaged in a formal mediation in an effort to resolve the dispute between the parties regarding amongst other things the progress of the Refinery Bankable Feasibility Study.
The mediation was conducted on 11 August 2015 and was adjourned to enable the parties to explore a proposal under which the joint ventures would be terminated with Yankuang acquiring BRL's interests in the joint ventures and in BRL's 100% owned Fortuna bauxite interests.
Since the mediation was adjourned on 11 August 2015, the parties and their solicitors were actively engaged in ongoing negotiations which have resulted in them entering into the non- binding Memorandum of Understanding (MOU).
During the quarter, Sam Middlemas was appointed new CEO following the departure of Peter Canterbury.
The company also reported that the cash at bank stands at A$22.2 million and there is no debt, which adds to BRL's financial credidibility.
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