An A$4.125 million payment by China's largest independent alumina-aluminium producer--Chiping Xinfa Huayu Alumina--has completed the total payment of $4.625m to Metallica Minerals Limited to acquire a 10% stake in Australian bauxite company Cape Alumina.
Metallica Minerals will remain the largest shareholder in Cape Alumina with a 40% holding.
Cape Alumina recently published a maiden JORC-compliant bauxite ore resource for its Wenlock project, located approximately 60 kilometres north-east of Weipa in Cape York, Queensland.
Cape Alumina chief executive Dr Paul Messenger said off-take negotiations Xinfa will commence next month, subject to delineation of sufficient resources to justify the development costs and an agreed off-take bauxite sale price formula.
"A scoping study into development of the Wenlock bauxite deposit is well advanced and due to be completed in April," he said. "Traditional Landowner negotiations are also progressing well and it is envisaged that further drilling on new granted tenements aimed at substantially increasing the resources at Wenlock, which currently stand at 54 million tonnes of in situ bauxite will be completed during the coming dry season."
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