DJ Bauxite Resources:Signs Deal To Supply China Alumina Producer

Australia explorer Bauxite Resources Ltd. (BAU.AU) said Monday is has signed an agreement with China's alumina producer Shanxi Whusheng Aluminium Co. Ltd. to supply 2.8 million metric tons of bauxite per year.

The terms of the agreement include provisions for funding of the Darling Range project in Western Australia state as well as an equity stake in the company by way of a placement of 15 million shares.

Both parties aim to finalize the deal within the next three months, BRL said in a statement.

"The core aim of the memorandum of understanding is for the two companies to work together with a view to delivering the first shipment of ore within 12 months of signing a formal off-take agreement," BRL said.

China is the world's largest producer and consumer of aluminum.

"The fact that we have secured this MOU in these difficult times with an end user customer is testament to the quality of our project and a direct result of the extensive networking with Chinese companies that the company has concentrated on this year," said BRL Chairman Luke Atkins.

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