The agreement also includes provisions to explore and exploit Bauxite’s tenements in the Darling Range in WA.

Under the proposed alumina refinery JV agreement, Yankuang will contribute 75% of the costs of the refinery to earn 50% interest.

Bauxite Resources will receive a 25% free carried interest and will fund a further 25% to bring its interest up to 50%.

Subject to shareholder and regulatory approval, Yankuang will also take a 9% stake in Bauxite, at AU$0.50/share. Approval from Australia’s Foreign Investment Review Board has already been received for the share placement.