Cape Alumina receives proposal for control transaction

Cape Alumina's shares are in pre-open this morning, following the ASX granting the company a trading halt.

CBX requested the halt after it received a proposal in relation to a control transaction from the company’s major shareholder, MetroCoal.

MetroCoal currently owns 57%, with China Xinfa Group 12%.

CBX is focussed on developing its Cape York bauxite projects.

The company is currently undertaking the work required to define a DSO resource at the Bauxite Hills project, which will reduce the need to beneficiate the bauxite and significantly reducing capital and operating costs.

The halt will remain in place until the opening of trade on Wednesday 6th August 2014, or earlier if an announcement is made to the market.

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