ABx Boasts 121,300t of Sale-Ready Bauxite With More to Come From Fingal Rail
01 May 2017 by Staff
Sydney’s Australian Bauxite Limited released its quarterly activities report for the first quarter 2017 yesterday.
ABx says it sits atop 121,300 metric tons of bauxite available for purchase, and has received half a dozen expressions of interest in long-term purchase arrangements from customers in four different countries. The bauxite available includes product stockpiles of 35,500 metric tons of cement-grade bauxite and 1,100 metric tons of fertilizer grade, and mine stockpiles of 16,900 metric tons of metallurgical-grade bauxite, 50,700 metric tons of cement-grade bauxite, and 17,100 metric tons of fertilizer-grade bauxite. In addition, another 33,000 metric tons is screened and ready for classification when necessary, and another 36,700 metric tons is ore yet to be screened.
To date, ABx has sold 42,005 metric tons of cement-grade bauxite in four sales in 2016, and 3,584 metric tons in four separate sales since November, 2015.
The firm has begun demonstration mining and processing at its second mine at Fingal Rail as proof of its proprietary TasTech technology developed to deliver high-spec cement-grade bauxite for long-term contracts. It also boasts of progress made to new bauxite-refining technology that they say has the potential to increase the value of the bauxite mined by the company ten times over.
“We have supported the evolution of this exciting technology for over 2 years and feel that it now warrants a detailed feasibility study by independent consultants,” explained Ian Levy, ABx’s CEO. “Estimation of refining costs per tonne of bauxite will require some further low-cost chemical engineering tests but initial indications are that a substantial operating cashflow surplus is achievable. However the optimum size and capital cost of the bauxite refining plant is dependent on market and technical factors. The availability of reagents, hydroelectricity, infrastructure and skilled employees in Tasmania is excellent, so the key factor will probably be the tonnages of products that can be sold from a bauxite refinery to reliable customers.”
“We will keep shareholders advised as this assessment progresses,” he concluded.
The firm also reports contact by an unnamed possible partner interested in developing Queensland’s Binjour Project, with site assessments and government discussions to begin next month.
Based in Sydney, ABx conducts operations in Tasmania, Queensland, and New South Wales. The firm boasts combined JORC resources of 124 million metric tons in twenty-two tenements covering almost two thousand square kilometers in Eastern Australia. Its Binjour tenement in Queensland is considered by the company to be its flagship project.