Marubeni Corporation, Japanese major general trading house, announced on Thursday the firm joins in a bauxite mine project at Goulburn Taralga mining site, South Australia in cooperation with Australian mineral developing company Australian Bauxite Limited.
They will launch feasibility study, confirming economic efficiency and other properties and start bauxite production in 2014. Marubeni Corporation will take 35% shares in the project after FS and cooperates in the mine development and management. This is Marubeni Corp's first share acquisition in bauxite mines.
ABx was established in 2009 and presently holds 37 bauxite mining sites of total 8,500 square kilometers. Marubeni Corp and ABx agreed in cooperative development of Goulburn Taralga mining site, approximately 160 km southwest from Sidney. They carry out pre FS in October and Marubeni Corp pays approximately AUD 500,000 for pre FS. FS is expected to start in June 2012. After that, plant construction will start in 2013 and bauxite production will commence in 2014.
Estimated bauxite reservation in Goulburn Taralga mining site is 30 million tonnes. Annual bauxite production is scheduled at 3 million tonnes. Marubeni Corp will take 35% shares in the project after FS and export bauxite to China and other countries. Marubeni Corp eyes additional cooperation in development of ABx's other bauxite mines if the project smoothly progresses.
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