BRL's June quarter report confirms closing of takeover bid by Mercantile OFM and ongoing exploration activities

Bauxite Resources Limited has published its June 2018 Quarterly Activities and Cashflow report with updates on its exploration activities, takeover bid and cash flows. 

The report confirms that that proposed proportional off-market takeover bid of BRL by Mercantile OFM Pty Ltd closed on 30 June 2018, with less than 2 million (1% of Issued Capital) shares accepting into the bid. Mercantile purchased on-market shares through its entity One Managed Investment Funds Limited during the offer period and now holds approx. 17.9% of Bauxite’s issued capital.

The company has a JV with HD Mining & Investment Pty Ltd (HD Mining) a wholly owned subsidiary of the Shandong Bureau No1 Institute for Prospecting of Geology & Minerals (Shandong) to explore bauxite in Darling Range, WA. The JV provides for HD Mining to fund 100% of exploration and feasibility costs for BRL.

The current JV resource stands at 94.7 million tonnes and consists of 93.2 million tonnes Inferred Mineral Resource and 1.5Mt Indicated Mineral Resource. The company has also reported 48% increase in Bauxite Resource at Ceres Deposit in Darling Range, WA in April 2018. 

BRL continued on Silica sand projects at Albany, Esperance and Gingin and hard-rock quartz projects in Halls Creek, South West WA and Far North Queensland.  It is looking at a Joint Venture partner to assist in fast tracking the development and funding of the Albany Silica sand project following a high level of interest for off take of the Company’s silica products.

BRL’s cash at bank at 30 June 2018 stood at A$4.9m. The company has no debt and additional assets including two rural properties in the Bindoon area of Western Australia.