Perth, Australia (ABN Newswire) -
Bauxite Resources (ASX:BAU) (OTCMKTS:BXRDF) Video Q&A with Peter Canterbury CEO who explained that the company recently undertook a review to determine where best to allocate shareholder funds and have decided to pay a 4 cents per share capital return.
After the AU$9.3 Million capital return, BAU retains AU$30 Million in cash with which to progress development for the Fortuna deposit.
The Fortuna deposit is 100% owed by Bauxite Resources, close to infrastructure and more importantly, close to China, the biggest consumer of bauxite globally.
Since defining a maiden resource, BAU have been growing the resource, with a material increase in grades assisting the overall project economics.
BAU recently appointed AMC for the scoping study and project economics which will take approximately two to three months.
BAU have also appointed a technical marketing group for looking at the technical marketing of bauxite worldwide.
The bauxite market over last the last six months has been dynamic, indicating a longer term demand and growth from 35 million tonnes in 2012 to around 95 million tonnes in 2022.
As stockpiles have recently diminished, this has had the effect of strengthening prices making the longer term demand look strong.
BAU has a number of projects for the development of further bauxite resources.
First Fortuna with a two year timeline, followed by JV arrangements with a pipeline of potential projects that will increase the bauxite supply to meet the expected future demand.
To view the Video Q&A, please visit:
http://www.abnnewswire.net/press/en/77447/bauxite
About Bauxite Resources Limited:
Bauxite Resources (ASX:BAU) is one of the largest tenement holders in the Darling Range with approximately 17,000 km2 of ground. This area in south-west Western Australia is acknowledged as the largest producing alumina region in the world supplying approximately 23% of global production.
Contact:
Bauxite Resources Ltd.
T: +61-8-9200-8200
F: +61-8-9200-8299
www.bauxiteresources.com.au
