ABx separates Alcore into own entity, lowers capex forecast
PERTH (mininweekly.com) – Bauxite producer Australian Bauxite (ABx) on Thursday announced that it would develop its Stage 1 Alcore pilot plant project, in New South Wales, through a new wholly owned subsidiary Alcore.
A previous engineering and cost study on the Stage 1 project estimated that a capital investment of between A$5.5-million and A$6.5-million will be required to develop the pilot plant to produce aluminium fluoride (AIF3).
ABx said on Thursday that the 12-month budget for the Stage 1 pilot plant and production of AIF3 sample programme had now been further reduced to A$2.5-million, along with A$300 000 in working capital and administration costs and A$500 000 in pre-initial public offering costs.
Financing plans would be finalised before the end of June, but ABx noted that seed capital raising had already started, with A$1.7-million available from investors and service providers that supported the technology.
The company has also approached three parties involved in the aluminium fluoride industry to discuss future sales, and all three have expressed interest in providing financing for the Stage 2 construction of a 50 000 t/y production plant.
“The Alcore project must be pursued without delay,” said ABx CEO Ian Levy.
However, Levy noted that with ABx already focusing its efforts on its two bauxite development projects, the separation of Alcore into its own entity, with its own management, would unlock considerable value for shareholders in both the short and medium term.
“Financing of the Alcore production plant cannot be pre-determined, but an initial public offering during 2019 is one route, should there be no superior offers at the time,” Levy said.
The Stage 1 pilot plant will be constructed in the third quarter of this year.
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