Board says ‘go’ for fully-funded Binjour bauxite project
The company announced this week that the board of directors had given the green light to proceed.
The project is fully funded by Australian Bauxite’s marketing partner, Rawmin Mining of India, and is expected to cost $10-$12 million to bring online.
It would employ 45-55 people if it goes ahead and have a mining life of more than 15 years.
Processing will entail a large trommel screening system and the mining will be a shallow open-pit operation.
A tripartite sales MoU exists between Australian Bauxite, Rawmin and Chinese aluminium producer Tianshan which requires large supplies of the Binjour-style of bauxite from late 2020.
New Zealand-based Chatham Rock Phosphate has made a $12.3 million deal to acquire the Korella phosphate mine, 150km south-east of Mount Isa.The compan...