Australian Bauxite Limited (ASX:ABZ) Debut On The Australian Stock Exchange (ASX)
Sydney, Dec 24, 2009 AEST (ABN Newswire) - Australian Bauxite Limited (ASX:ABZ) will commence trading at 11:00 am today on the Australian Securities, following its over-subscribed A$4 million initial public offering (IPO).
The IPO closed 3 weeks early on the back of significant investor support and was well oversubscribed with more than 600 applications received.
Australian Bauxite CEO, Ian Levy said;
"Australian Bauxite is off to a good start. We have already attracted strong investor support and strong interest from prospective customers for our bauxite products. However, one step at a time - our initial task is to confirm the priority bauxite targets then drill them as soon as practicable.
"ABx has a total of 70 million shares on issue, which at the offer price of 20 cents per share represents a market capitalisation of A$14 million.
"The groundwork for our bauxite exploration was laid in the early 1950s through extensive government exploration on the east coast of Australia. Our geological team has over 70 years of combined experience and is led by Jacob Rebek, who cut his teeth at Rio Tinto and CRA for over 33 years.
"Inspirational data reinterpretation and three years of tried-and-true field reconnaissance of thousands of kilometres of ground led to the development of our original geological model.
"Our project area selection was based on three economic determinants - high quality bauxite product, large thickness of the bauxite layer, and good enviro-economic settings, located close to transport infrastructure, coal mines, industrial centres and ports on the east coast of Australia.
"ABx now has a portfolio of 17 tenements, in 3 commercial development areas, all prospective for bauxite; Australian Bauxite is well positioned to become a significant bauxite force."
About ABx Group Limited
ABx Group Limited (ABx) (ASX:ABX) is a uniquely positioned Australian company delivering materials for a cleaner future.
The three priority projects are:
- Heavy rare earths: Supplying light and heavy rare earths from Tasmania into Western supply chains
o Processing Options Analysis conducted in partnership with external experts
- Clean fluorine chemical production: Producing industrial chemicals from aluminium smelter by-product (ALCORE)
o Continuous pilot plant under construction in Bell Bay, Tasmania
- Near-term bauxite production: Mining bauxite resources for the aluminium, cement and fertiliser industries
o Agreements executed with Good Importing International for bauxite projects in Queensland and New South Wales, and $2.7 million initial payment has been received
o Approvals well advanced for DL130 bauxite project in northern Tasmania
ABx endorses best practices on agricultural land and strives to leave land and environment better than we find it. We only operate where welcomed.
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