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    Licence on South Johnstone bauxite project could lead to ASX price rise: Queensland Bauxite

  • China Aluminium Network
  • Post Time: 2017/10/12
  • Click Amount: 130

    On being inquired about the recent share price rise on Australian Stock Exchange, Australian mining company Queensland Bauxite said the expected imminent grant of a mining development licence for its flagship South Johnstone bauxite project could be a reason.  The company also pointed out to its exposure to an emerging hemp market as a possibility.

    “It is our view that our company is currently significantly undervalued by the market relative to other companies in the industries that our company is involved in,” Sholom Feldman, secretary at Queensland Bauxite said.

    A scoping study conducted for its South Johnstone bauxite project in 2014 put the capex cost for Queensland Bauxite at A$5.14 million (US$3.99 million), operating costs at $20.87 per tonne FOB (not including royalties) and an IRR of 223 per cent, stated a industry report.

    Shares in Queensland Bauxite had closed at $0.013 on Thursday, October 5. Following the rise, it received the ASX query on reaching $0.018 intraday. Meantime, shares continued to rise to $0.02 in late trade.

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