Bauxite Resources Limited - Confirms Plans For 2Mtpa Mining Operation And Withdraws Previous EPA Application And EPA Appeal
25.06.2010 | ABN Newswire
10:02 AEST June 25, 2010 ABN Newswire (C) 2004-2010 Asia Business News PL. All Rights Reserved.Perth, Australia (ABN Newswire) - Australian resources company Bauxite Resources Limited (ASX: BAU) (PINK: BXRDF) ('BRL' or 'the Company') will apply to the Environment Protection Authority (EPA) for a two million tonne per annum (Mtpa) mining operation on private land north of Bindoon, Western Australia. The Board believes this new application to the EPA will enable it to meet its objective of becoming an economically sustainable bauxite mining company able to deliver shareholder value within an achievable timeframe.
BRL will immediately withdraw its previous application and its appeal against the EPA decision on level of assessment regarding its application to undertake a 1.2 million tonne (Mt) six month trial mining operation at Stephens road, north Bindoon. (Refer ASX announcement dated 12 April 2010).
The new application will include the bauxite that was previously requested for approval.
Bauxite Resources Limited Chairman, Mr Barry Carbon said, 'Our plans are, and have always been, to develop BRL into a company built on a profitable long-term mining operation which we believe is reflected in the application we will make to the EPA.'
BRL has recommended to the EPA that this new proposal for ongoing mining be assessed at the high and public level of assessment with maximum transparency. The company will share its plans with the local community before submitting its application to the EPA.
'This realistic and sustainable approach should reduce the uncertainty on the time taken to obtain environmental assessment for a mining licence while seeking sufficient tonnage for a long term sustainable operation,' Mr Carbon added.
'Bauxite Resources believes this new strategy is both achievable and appropriate,' said Mr Carbon.
In addition to facilitating EPA approval, BRL's current focus is also on the prompt appointment of an experienced and highly credentialed Managing Director. The Company looks forward to updating the market on this progress.
About Bauxite Resources Limited:
Bauxite Resources Limited (ASX:BAU) was launched in May 2006 to establish itself in 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. It listed successfully on the ASX on 22 October 2007 after closing its A$7.5 million IPO early and oversubscribed, having previously raised approximately $1.3 million in seed capital. In February 2009 the Company raised a further $4.7 million on the uptake of its options issue.
The Company is the only ASX-listed bauxite explorer in the highly prospective Darling Range, and is the largest tenement holder in the Darling Range with approximately 15,000 square kilometres of prospective bauxite laterite ground. To put this into context this area is larger than East Timor and almost the size of Beijing Municipality.
The Darling Range is the largest bauxite mining and alumina producing region in the world. This area supplies approximately 18% of the world's alumina and is home to Alcoa's Huntly Mine, the largest producing bauxite mine in the world and Pinjara Refinery the second largest alumina refinery in the world. The Darling Range has three of the top five refineries in the world in terms of lowest operating costs.
Contact:
Paul Fromson
Company Secretary
Bauxite Resources Limited
Tel: +61-8-9221-5019