Sydney, Australia, Feb 27, 2017 - (ABN Newswire) - Australian Bauxite Ltd (ASX:ABX.AX - News) is pleased to provide an exploration update. High quality refractory-grade bauxite discovered inland of Port Kembla ABx has discovered a layer of refractory-grade bauxite in Penrose state pine forest, adjacent to the Hume Highway, 90 kilometres from Port Kembla.
Refractory-grade bauxite is used for heat containment and abrasives and can sell for up to 5 times the current price of metallurgical grade bauxite. ABx currently sells bauxite into cement and fertiliser markets at prices higher than could be achieved in the over-supplied metallurgical bauxite market. The recent discovery of a layer of high-quality refractory-grade bauxite opens up the possibly of a new, high-priced market for ABx's bauxite products to add to its existing suite of bauxite products.
ABx CEO, Ian Levy said; "In late 2015, the company was granted its long-awaited tenement over Penrose state pine forest which is close to transport infrastructure and suited to quarrying during forest harvest cycles. The discovery of a thick layer of high-value refractory-grade bauxite is a positive development. Exploration of extensions to this deposit will continue simultaneously with market testing of this special bauxite product which is in critical short supply in Australia and globally. This will assist the marketing of ABx's current cement-grade and fertiliser-grade bauxite products from its first mine at Bald Hill in Tasmania."
Surface sampling in Penrose state pine forest
Surface exposures of bauxite in the Penrose Forest Exploration Licence EL 8370 tends to be iron-rich and gives no indication of the presence of deeper layers of higher grade and refractory grade bauxite.
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About Australian Bauxite Ltd:
Australian Bauxite Limited (ABx) (ASX:ABX.AX - News) has started its first bauxite mine in Tasmania and holds the core of the Eastern Australian Bauxite Province. ABx's 37 bauxite tenements in Queensland, New South Wales and Tasmania exceed 5,000 km2 and were rigorously selected for (1) good quality bauxite; (2) near infrastructure connected to export ports; and (3) free of socio-environmental constraints. All tenements are 100% owned, unencumbered & free of third-party royalties.
ABx's discovery rate is increasing as knowledge, technology and expertise grows.
The Company's bauxite is high quality gibbsite trihydrate (THA) bauxite and can be processed into alumina at low temperature.
ABx has declared large Mineral Resources at Inverell and Guyra in northern NSW, Taralga in southern NSW, Binjour in central QLD and in Tasmania confirming that ABx has discovered significant bauxite deposits including some of outstandingly high quality.
In Tasmania, at Bald Hill, the Company's first bauxite mine commenced operations on schedule on 9 December 2014 - the first new Australian bauxite mine for more than 35 years.
ABx aspires to identify large bauxite resources in the Eastern Australian Bauxite Province, which is emerging as a globally significant bauxite province. ABx has created significant bauxite developments in 3 states - Queensland, New South Wales and Tasmania. Its bauxite deposits are favourably located for direct shipping of bauxite to both local and export customers.
ABx endorses best practices on agricultural land, strives to leave land and environment better than we find it. We only operate where welcomed.
Ian Levy CEO and MD Australian Bauxite Limited T: +61-2-9251-7177 M: +61-407-189-122
Australian Bauxite Ltd
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