Proactive Investors - Run By Investors For Investors

Australian Bauxite discovers high-quality refractory-grade bauxite

Exploring the Penrose state pine forest in New South Wales.
Australian Bauxite discovers high-quality refractory-grade bauxite
The company’s Bald Hill mine started operations in 2014

Australian Bauxite (ASX:ABX) has discovered a layer of refractory-grade bauxite in Penrose state pine forest, 90 kilometres from Port Kembla in New South Wales.

In late 2015, the company was granted its long-awaited tenement over the Penrose state pine forest which is close to transport infrastructure and suited to quarrying during forest harvest cycles.

The discovery of refractory-grade bauxite is a positive development as it is used for heat containments and abrasives, selling for up to 5 times the current price of metallurgical grade bauxite.

Australian Bauxite currently sells bauxite from its Bald Hill mine into cement and fertiliser markets at prices higher than could be achieved in the over-supplied metallurgical bauxite market.

The company’s Bald Hill mine at Tasmania commenced operations in December 2014 – the first new Australian bauxite mine in more than 35 years.

The recent discovery of the refractory-grade bauxite at Penrose state pine forest opens up the possibility of a new, high-priced market for ABX’s bauxite products to add to its existing suite of products.

Exploration of extensions at Penrose will continue simultaneously with market testing of this special bauxite product which is in critical short supply in Australia and globally.

Australian Bauxite’s shares were last trading 4% higher intra-day on Monday, at $0.13.

View full ABX profile View Profile

Australian Bauxite Ltd Timeline

Newswire
December 10 2013

Related Articles

Past drilling at Seko target at Dandoko project where follow-up drilling is taking place this field season
March 25 2019
A $5 million ongoing drilling program has been delivering results since November.
The Predictive-Toro joint venture projects are in the country’s north
February 21 2019
The company’s JV with Toro is producing results on the exploration front.
Lake Yindarlgooda at Riversgold’s project in the Goldfields
February 14 2019
The Eastern Goldfields is Riversgold’s focus in Western Australia while it also has ground in South Australia and Alaska.

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use