Breaking News - BAJV Office Shutting Down
- Details
- Published: Friday, 12 August 2016 17:10
The Toodyay Shire-owned office of BAJV is to shut next to the Bendigo bank in Toodyay, effective as of today the 29th of January 2016, stating economic conditions and name changes as the reason for closure.
This is great news in the short term, but Yankuang Resource Limited which is 100% owned by the People's Republic of China (PRC) will no doubt be back at some stage in the future.
BAJV's Facebook admin were unsure what was going on and had called the new entity Yankuang Resource Limited and then they call them Yankuang Bauxite Resource Limited in their FB release yesterday. Rather than edit the post they removed it altogether to delete shares to this and other pages.
Supporters of these outrageous proposals who have sent in CVs and EOIs with the promise of jobs look set to be dissapointed given the time frames that were always stated in relation to a mine start-up.
BAJV had always stated that approvals should be in place by 2017, then mine constuction work would take 12 months and a mine operating by 2018.
There is an old saying and that is "all miners are liars, the bigger the miner the bigger the liar". BAJV caused many disputes within our communities and the doors will close today.
AHMAG are not sure how long the threat will be at bay, but we will be patiently waiting for the return of the Yankuang Resources Limited (PRC).
This is a good reminder that we should all be a little more careful about promises made by mining companies before aligning ourselves with them.
Following you can read the original post. Then click here to read the altered post.
NEWS UPDATE & CHANGE OF NAME
The sale of Bauxite Resources Limited’s interest in Bauxite Alumina Joint Ventures to Yankuang Resources Limited has now been completed.
This means:
- BRL has transferred to Yankuang all its interests in the tenements that relate to the joint ventures;
- Yankuang has paid BRL $7.15 million and will pay a royalty of 0.9% of the FOB price for the first 100 million tonnes of bauxite mined from the Fortuna and Felicitas tenements;
- BRL has bought back Yankuang’s 19,700,000 shares in BRL for the sum of $1.15 million.
Given the current economic climate, we will be focusing on the activities required to maintain the tenements in good standing.
Further development work on the Felicitas and Fortuna projects will be deferred until economic conditions improve.
We will be closing the Toodyay Office effective 29/01/15 until further notice. As it is still early on in this changeover we anticipate the website and Facebook pages will be rebranded under the new name - Yankuang Bauxite Resources Limited and will advise accordingly of changes. Please keep in touch as will we.
In the interim if you have any further enquires please contact Bruce Groenewald, Exploration Manager, Yankuang Bauxite Resources Ltd on 9200 6300.
"We WILL fight them head on when they return".
AHMAG
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