Australian Bauxite Limited (ABx) yesterday announced the full funding of mining operations at the Binjour Bauxite Project in Queensland.
Per the firm, the project achieved full funding thanks to a commitment by India’s Rawmin Mining. Per the agreement, the project will be funded prior to production and the firm will have a 50-percent joint venture interest in the property.
With funding now in hand, ABx plans to submit a Mining Lease Application early next year. In addition, the firm will continue researching the cache, specifically to determine whether detrital bauxite found at the site may be used to produce high-value products.
The Binjour Bauxite Project will work an outcropping of bauxite ore estimated to be 37 million metric tons. ABx says it will concentrate first on the high-grade zones requiring less processing. ABx and Rawmin have already agreed to sell a substantial portion of the extracted bauxite ore to China’s Tianshan Aluminium.
Production at the site is projected to settle between 500 thousand and 1.5 million metric tons of bauxite per annum. Bauxite harvested at the site is a gibbsite-rich trihydrate (THA) variety, with a grading of between 44 and 45 percent Al2O3 and 5 percent SiO2. Such ore is judged as the best to use when utilizing the Bayer process. Such bauxite ore is uncommon among bauxite outcroppings in Queensland according to the firm.
In addition to the agreement with Tianshan, the partnership also has an agreement in place with the Port of Bundaberg to determine whether commercial shipment of bauxite in bulk tonnages is commercially attractive.
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.