PERTH (miningweekly.com) – ASX-listed junior Australian Bauxite said on Tuesday it was in negotiations with a number of parties to finance its Bald Hill mine, in Tasmania.
The negotiations were currently focused on clarifying key terms for a number of agreements on offer, the company stated.
Last month, Australian Bauxite was awarded its first mining lease for the Bald Hill project, with the development proposal and environmental management plan lodged with the Environmental Protection Agency.
The company told shareholders that a suitable funding arrangement would be secured in step with the completion of the management plan review, and the start of mining.
Operations were expected to start on schedule in late 2014, using contract operators. The company said that it was midway through a review and selection process from a number of contractors, with a view to placing mining, screening and transport contracts in step with the completion of the management plan review and with development approval.