The Australia-based hi-technology and explorer-developer company, ABx Group Limited has signed a joint venture agreement with Alumin Pty Ltd (Alumin) towards the development of the Sunrise Bauxite Project, which comprises a bauxite mine at Binjour plateau and port operations at Bundaberg in Queensland. Binjour is located 115km inland of Bundaberg.
Alumin Pty Ltd. is an Australian special purpose vehicle company correlated with ABx Group’s strategic marketing partner, Rawmin India, that have substantial experience in funding long term sustainable investments in the development of projects involving mining and bulk-shipping of metallurgical grade bauxite to end-users around the world.
In accordance with the agreement, Alumin will finance up to A$18 million of the development costs. However, for each contribution of A$3.65 million, Alumin will earn 10% equity in the Sunrise Bauxite Project, up to a maximum of 49.9%.
ABx foresees the JV agreement to fund all operations related to mine and port development. ABx can now start the finalisation of the project approval process and firm up the timeline to project commencement.
The Sunrise Bauxite Project, situated 115km from Bundaberg Port (200km by road) between the towns of Mundubbera and Gayndah, however, it is anticipated that the mine at Binjour will initially export 500,000 tonnes per year of metallurgical grade bauxite in its first year of production, then scaling up to the full operational capacity of 2 million tonnes. The export the aluminium ore is expected to be destined for customers in China and India.
Binjour has the highest quality metallurgical grade bauxite across the ABx Group tenements, being gibbsite-rich and monohydrate-free. Trucking from the mine site to Bundaberg Port will occur via Ban Ban Springs and Biggenden. Entry to the Bundaberg Port will be via the heavy-duty transport ring road.
Dr Mark Cooksey, the CEO of ABx Group said: “It’s a great day to celebrate. We overcame many challenges and two years delay caused by border closures due to Covid. We gratefully acknowledge how supportive the state and local governments, as well as the community, have been over the years. These two Joint ventures – one comprising the development of the bauxite mine and the other comprising port operations – are independent and will progress at different stages.”
It is envisioned that the bauxite mine will operate for a minimum of 20 years and will employ local workers in the area.
Mark Luca, the State Manager of Queensland for ABx Group said, “We are working closely with the local community groups to ensure engagement. This joint venture agreement allows us to progress the mine lease application process. Today is a momentous occasion for this project.”
source https://www.alcircle.com/news/abx-group-alumin-inks-joint-venture-agreement-for-sunrise-bauxite-project-development-76727
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