Lindian Resources to receive assay results from Tanzanian Lushoto bauxite project
The Australian Securities Exchange listed mining and
resource company Lindian Resources Ltd, has been granted a trading halt today,
August 31, pending assay results from Tanzanian Lushoto bauxite project.
The Perth-based explorer recently signed an agreement to acquire a 75 per cent farm in interest in the east African bauxite project. The project worth nearly US$2 million has potential to emerge as a direct shipping bauxite operation, Lindian said.
Lindian entered into the agreement with Batan Australia to
acquire majority stake in the bauxite project despite the recently introduced
legislation which mandates enhanced government ownership of local projects.
However, since the bauxite project is currently not in a production stage, the legislation did not apply.
The trading halt at ASX will remain in place until opening
of trade on Monday, September 4, 2017. Trading may resume earlier also if an
announcement is made to the market before that.
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