Queensland Bauxite announces acquisition of further 31% stake in NSW bauxite province

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Image credit: www.queenslandbauxite.com.au

Queensland Bauxite Limited (QBL) announced that it has acquired a further 31% in its already 50% owned bauxite tenement EL7301, which contains a large portion of known gibbsitic bauxite province in the Nullamana region of Inverell in northern New South Wales.

Image credit: www.queenslandbauxite.com.au
Image credit: www.queenslandbauxite.com.au

EL7301 is jointly owned by QBL and by Plateau Bauxite Limited, a publically unlisted company that had already spent more than $3 million in bauxite exploration at the tenement.

QBL said that the acquisition further consolidates its strategic ownership of emerging gibbsitic bauxite key areas along the Eastern Coast of Australia.

“QBL has offered up to a total of 29 million shares in QBL for up to a further 31% beneficial interest in EL7301. The company is pleased to confirm that it has received 100% acceptances or the offer and now owns an 81% interest in EL7301,” the company said in a statement to the ASX.

Adertisement

“The directors believe that an increase of ownership in this valuable tenement is of good strategic value to QBL and in line with the Company’s vision of becoming a major emerging force in the bauxite market for the long term. With continuing forecasted strong demand for bauxite the Company is looking to increase its portfolio of strategic bauxite projects at the right place. This acquisition fits the criteria.”

QBL also announced that it has been in discussions with Mr Desmond J. T. Euen, Founder and CEO of Australian Infrastructure Developments (AID) with regard to gaining an economic transport-to-Yamba Port option for its NSW bauxite deposits.

Founded to develop and commercialise Australian market driven freight infrastructure projects, AID proposes to build a national freight infrastructure network as the platform for growth and other market driven related services.

The proposed AID rail to port project proposes to introduce increased reach and operational efficiencies via the use of world-class technology, as well as strong growth in freight marketing. QBL said that the project would create a viable bauxite operation from its bauxite project in NSW, which is an area of extensive high grade gibbsitic bauxite with low reactive saliva.

“The proposed Pacific West railway will provide a direct and expedient unconstrained link connecting the western inland corridor at Moree with the Great Northern Railway at Glen Innes and from these to the Port of Yamba,” reads QBL’s statement.

“QBL’s NSW bauxite tenement lies close to the section of line near Inverall. The railway will be Australian heavy duty, double track standard gauge and allow for double stacking of containers. Together with rail construction, the Port of Yamba will be upgraded to receive Handymax ships which will be the preferred vessel used to hip the company’s product to overseas market.”