Oct. 6. 2011
Marubeni Corporation (“Marubeni”) and Australian Bauxite Limited (“ABx”), an exploration company in Australia, have agreed to jointly conduct a Feasibility Study (“the F/S”) in relation to the development of Goulburn-Taralga bauxite deposits (“the Project”) located in New South Wales, Australia.
Based on the mutual agreement, Marubeni is, after the completion of the F/S, entitled to acquire 35% of interests in the Project and to participate in the development and operations of bauxite mine.
The existence of good quality bauxite is already confirmed in the deposits and such bauxite, as a basic raw material to produce aluminium via alumina as an intermediary product, is expected to be exported mainly to China where demand of bauxite will be increased rapidly year by year along with the constant progress of worldwide aluminium demand.
Marubeni has been focusing on acquisition of various metals and mineral resources assets, such as copper, coal and aluminium. As for aluminium, Marubeni has been involved in several smelter projects in Australia, Canada and other countries thru equity participation and hereafter in addition to such downstream projects, Marubeni is committed to get involved in upstream mineral resources project of bauxite and alumina as well.
Outline of ABx
|Company Name:||Australian Bauxite limited|
|Location:||Sydney NSW, Australia|
|Business:||Bauxite mining and developing. Currently, ABx holds 37 bauxite tenements in Queensland, NSW and Tasmania covering 8,500km2 and has 5 subsidiaries (ABx1, ABx2, ABx3, ABx4 and ABx5) which hold bauxite tenements in different areas.|
Outline of Taralga deposit
|Location||Approximately 160km west-southwest of Sydney in NSW, Australia|
|Reserve(estimated)||Approximately 30 million tons|
|Future plan||October, 2011:Participation in Pre-FS
June, 2012 :Participation in Bankable-FS
(if the results of the Pre-FS indicates that the
project is commercially feasible)
2013 :Start to development
2014 :Start to production