Australian Bauxite slumps to big loss, says markets improving

Friday, Mar 29, 2019

  Tasmania's bauxite miner slumped to a $2.37 million loss in 2018 after notching a slim profit in the previous year.

  Australian Bauxite Limited (ABx) managed just $177,000 in revenue for the year, compared to $1.98 million in 2017.
  In its annual report, Australian Bauxite said bauxite markets were steadily improving and prices had been rising since mid-2017.
  Chairman and former state premier Paul Lennon said the company marketed cement grade and fertiliser grade bauxite during 2018.
  "ABx is in contract negotiations for metallurgical grade bauxite as the seaborne bauxite prices and the Australian dollar exchange rates become favourable during 2019," Mr Lennon said.
  "The aluminium industry continues to grow strongly and ABx seeks to be a supplier into that industry as well as into cement, fertiliser, chemicals and refractory industries in Asia, India, the Middle East, Americas and Australasia to maximise the value of ABx's clean gibbsite trihydrate bauxite.
  "During 2019, ABx will continue selling its bauxite from Tasmania and will also finalise a trial mining and feasibility study for the commencement of its large bauxite project at Binjour in central Queensland ..."
  Australian Bauxite has 14 bauxite tenements in Tasmania, New South Wales and Queensland.
  The company said it was well advanced in producing the next 30,000 tonne cement grade bauxite sale from its Bald Hill Mine near Campbell Town.
  "Full-scale production at Bald Hill has gone well, achieving higher tonnages and grades than budget well within the May 1 shipping deadline," it said.
  Australian Bauxite subsidiary ALCORE Limited has a technology which chemically upgrades bauxite into high-value projects.
  Australian Bauxite said ALCORE's business plan was to develop the first of several bauxite refinery projects in Tasmania and/or northern Queensland, "wherever incentives and opportunities are most attractive".
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