Yankuang sponsors the 163rd Toodyay Agricultural Show

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Published: Tuesday, 20 December 2016 17:37

2016 is now known as the year that one of Chinas’ largest State owned coal mining giants, being Yankuang Group became sole owners of the Fortuna and Felicitas bauxite resources, along with many other tenements here in the Shires of Toodyay, Northam Mundaring and Swan.

This happened when the joint venture between Yankuang and ASX listed company Bauxite resource limited (BRL), who were trading as Bauxite alumina joint ventures, (BAJV) decided to part company after not being able to reconcile a long running dispute, over a Bankable Feasibility Study (BFS) to build a refinery in the region.

This saw BAJV terminated and the birth of another 100% Yankuang subsidiary, Yankuang bauxite resources, who bought out BRL’s interest in the JV. BAJV was terminated early in 2016, but not before an agreement was struck to pay BRL 50 cents per tonne for the first 100,000,000 tonnes that is mined, if and when, Yankuang are able to get approvals to mine the Felicitas and Fortuna resources.

This left a strong and binding relationship between BRL and Yankuang.

In July and August this year BRL were granted 2 new tenements, one in Julimar and another one which covers the town site of Wundowie and all the way down to the Inkpen nature reserve. Both of which could also end up being 100% owned by the Chinese at some point in the future.

Yankuang is one of 8 entities this year who is sponsoring the Toodyay Ag Show, only this time it is not by way of a joint venture with an ASX listed company, but under the Chinese name of Yankuang Bauxite Resources.

It is anyone's guess as to how big this could all become, but one thing is for sure, it will not be good for anyone who owns property or lives close to these proposed sites, or for any business in Toodyay that relies on tourism as a major source of income.

AHMAG will be at the show collecting signatures on our new petitions and handing out flyers against plans by Yankuang to open cut mine for bauxite in Toodyay and other shires in this region and we would like to invite you to drop in and see us, sign a petition and for a gold coin donation you can pick up one of our No Bauxite Mining Here bumper stickers.

Come and say hello this Saturday the 8th of October, we will be at bay A1 near the monster ball rides, we look forward to seeing you there.

AHMAG