Bauxite Resources releases reports for FY 2029 and updates on its JV with HD Mining

Bauxite Resources released reports for the financial year ending 30 June 2019. Over the year, the Company’s focus was on continuing to explore and maintain the valuable bauxite assets held in the joint venture with HD Mining.

According to the JV, HD Mining must fund 100% of exploration and feasibility costs for the bauxite project to earn 40% interest in any defined area of exploration. It is also bound to undertake a detailed feasibility study for the commercial mining of the defined area to earn 20% interest in a defined area once the study is complete and mining starts.

Bauxite exploration activity on bauxite projects was limited by fund restraints within the Shandong Bureau. Several tenements have been granted Retention Status allowing the company to focus the limited joint venture funds on the assessment for development of the Dionysus Bauxite Resource. Additional work focussed on strategic planning and target generation within the JV land holdings to ensure a pipeline of quality bauxite projects is maintained.

BRL and its joint venture partner’s total bauxite resources stand at 94.7Mt as at 30 June 2019. BRL considers the current resources have potential for growth and provide opportunities for domestic and export exploitation.

Athena, Ceres and Dionysus bauxite resources, as described below, are key projects that form part of the joint venture with HD Mining. Recent improvement in the bauxite demand from China has renewed interest in the Dionysus project, which is considered a priority resource in the project. The Company plans to undertake more detailed assessment of the potential for developing this resource over the next twelve months. Athena and Ceres have combined resources of more than 50 Mt.

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