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News: Queensland Bauxite reports strong cash balance to support project development

  1. Queensland Bauxite (ASX:QBL) has reported $4.34 million in cash reserves as it embarks on the next stage of positioning its South Johnstone bauxite project for development.

    During the September quarter, QBL defined at initial JORC Indicated Mineral Resource and a Scoping Study that detailed financial outcomes and profit metrics for a direct shipping ore (DSO) bauxite mining and export operation.

    The company noted it is continuing discussions with refineries and commodity trading groups toward best development option.

    Applications for environmental approval and a Mining License are underway to enable production to commence in 2015.

    Capital expenditure reported in the Scoping Study was relatively low befitting a mining and quarrying operation to produce a DSO product with a favorable location to the nearby Port of Mourilyan.


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