Bauxite Resources and Yankuang Group sign 50/50 Joint Venture Bauxite takes next step for alumina refinery First Bauxite Shipment Bauxite and Yankuang sign 50/50 Joint Venture Bauxite Mining Starts BRL signs MOU with Yankuang Group Corporation Ltd BRL in receipt of $9.85m Placement Monies from Shandong Bureau FIRB Approves Shandong Placement BRL - Shandong Placement Agreement Surface Mining Techniques Investigated Next >>>

04 Jun 2009

SHANDONG BUREAU RECEIVES FOREIGN INVESTMENT REVIEW BOARD APPROVAL FOR $9.85M BRL INVESTMENT

Strategic cornerstone investor to underpin BRL's aggressive development plans for Darling Range Bauxite Project.

Highlights

• Foreign Investment Review Board (FIRB) officially approves placement of 19,700,000 BRL shares to the Shandong Provincial Bureau of Geology and Mineral Resources (SDGM), a government agency in China.
• Placement to be made at $0.50 per BRL share, which represents a premium to the $0.43 closing price of BRL’s shares on 3 June and reinforces SDGM’s confidence in BRL’s Darling Range Bauxite Project.
• Proceeds of the A$9.85m placement are to be received upon final approval by the Chinese regulatory authorities which is expected shortly. Funds to underpin fast-track development of Darling Range Bauxite Project.
• Direct Shipping Ore (DSO) bauxite operation is scheduled to commence in Q3 this year with a trial spot shipment planned for delivery to the Shandong Province.

 

File Download: ASX release_FIRB Approval_FINAL.pdf