Bauxite Resources Limited Update on Joint Venture Partner Yankuang's Outstanding Cash Calls
01.07.2013 | ABN Newswire
08:30 AEST June 28, 2013 ABN Newswire (C) 2004-2013 Asia Business News PL. All Rights Reserved.Perth, Australia (ABN Newswire) - Further to the announcement dated 17 April 2013 regarding Yankuang Resources Pty Ltd ('Yankuang') outstanding cash calls payable to the Bauxite Alumina Joint Venture ('BAJV'), Bauxite Resources Limited (ASX:BAU) wish to inform the market that as of 26 June 2013, these payments, including the sum owing to BRL referred to in the announcement of 17 April, remain outstanding.
BRL continues to work with Yankuang with respect to these outstanding amounts and have received an update on the progress of regulatory approvals required for the payments to be made to BAJV. Yankuang have now received the Overseas Investment Certificate from the Department of Commerce of Shandong Province and this completes the regulatory requirements in China for these payments to be made.
Yankuang has confirmed to the company that following these approvals payment will be made in the next 10 working days.
Yankuang's obligations under the joint venture agreement are guaranteed by its parent company, Yankuang Group Limited.
Yankuang is required to pay interest on the outstanding cash calls at the rate of 3% above the 90 Bank Bill Swap Rate.
Based on Yankuang's recent advice, BRL believes this situation will be resolved in the coming weeks and all outstanding amounts to BAJV and BRL will be repaid with interest.
View the Release here:
http://media.abnnewswire.net/media/en/docs/ASX-BAU-640035.pdf
About Bauxite Resources Limited:
Bauxite Resources Limited (ASX:BAU) was established in May 2006 to become a part of the bauxite and alumina industries in Western Australia where four of the seven Australian alumina refineries and four of Australia’s bauxite mines are located. The Company listed on the Australian Securities Exchange (ASX) in October 2007.
Bauxite Resources is the largest tenement holder in the Darling Range with approximately 22,500 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 Limited
T: +61-8-9200-8200
F: +61-8-9200-8299
WWW: www.bauxiteresources.com.au