Australian Bauxite provides half-yearly report for the six months ended June 30

Australian Bauxite Ltd recently provided a review opf operations and accounts for the half-year ended 30 June 2016. ABx had suspended production at its Bald Hill bauxite project in northern Tasmania due to an oversupply of the ore from Malaysia into the China market. It had 40,000 tonnes of high quality bauxite stockpiled at Bell Bay port, all of which has been sold. New shipments are now being assembled at the bauxite mine site.

The miner reopened the Bald Hill bauxite project ahead of schedule on 4 August 2016.

During the first half of 2016, ABx identified new markets other than the Chinese metallurgical bauxite market and sold the 40,000 tonnes stockpile as cement-grade bauxite. The company announced significant increase in cement-grade bauxite resources at the Fingal Rail project located 14kms north of Bald Hill Bauxite Mine.

Furthermore, sales of fertiliser grade bauxite have continued to grow at moderate tonnages driven by seasonal agricultural demand.

Currently, ABx is in talks with several customers to conclude long-term bauxite sale contracts that will underpin the opening new bauxite mines in addition to the Bald Hill Bauxite Project. The company expects to increase its revenue further by using TasTech Technology while reducing market risk.

ABx has executed a long-term offtake cooperation agreement with Rawmin Mining and Industries Pvt Ltd (Rawmin) of Mumbai, India. The Offtake Agreement runs for 5 years and covers all bauxite produced by the company out of Tasmania. The Offtake Agreement provides for Rawmin to purchase a total of up to 4.7 million wet metric tonnes of bauxite over the 5 year period.

During the period under review, average metallurgical bauxite import price remained flat at US$48.33 per tonne CIF China, and the Group's cash balance totalled at $2.9 million as at 31 August 2016, stated ABx Half Yearly Report and Accounts.

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