The sale of Bauxite Resources Limited interest in Bauxite Alumina Joint Ventures to Yankuang Resources Pty Limited has recently been completed.
• BRL has transferred to Yankuang all its interests in the tenements that relate to the joint ventures;
• Yankuang has paid BRL $7.15 million and will pay a royalty of 0.9% of the FOB price for the first 100 million tonnes of bauxite mined from the Fortuna and Felicitas tenements;
• BRL has bought back Yankuang’s 19,700,000 shares in BRL for the sum of $1.15 million.
Given the current economic climate, we will be focusing on the activities required to maintain the tenements in good standing. Further development work on the Felicitas and Fortuna projects will be deferred until economic conditions improve. We will also be closing the Toodyay Office effective 29/01/16.
In the coming weeks, Bauxite Alumina Joint Ventures will be renamed to reflect our new ownership. In the meantime, we will post updates on our web site and Facebook page. Our BAJV email addresses and phone numbers will remain active during and for a little while after the changes. If you have any queries in the meantime, please contact: Bruce Groenewald, Exploration Manager on 9200 6300 or e: email@example.com.