As on 3 December 2018, ALCORE Limited (wholly-owned subsidiary of Australian Bauxite Ltd, (ASX: ABX) has demonstrated significant achievement in successfully finishing the acquisition of the machinery and equipment required for production of test samples of aluminium fluoride (AlF3) and thereby completed the construction of Stage 1 of Core Laboratory to lock-up stage. The firm has been able to stay ahead of project timelines and within the budget and expects to begin production work of AlF3 test samples at the plant by year end. Once sufficient AlF3 is produced for rigorous testing, the pilot site will test the production of Corethane, which has significant energy and industry potential.
With ever growing demand for AlF3 in lithium ion batteries and rapid increase aluminium smelter production, ALCORE's robust bauxite refining technology is designed to refine raw bauxite and provide supplies security of AlF3 and other valuable co-products such as Corethane hydrocarbon. Stage 1 of Alcore Project is expected to produce AlF3 test samples for aluminium smelter customers and producing silica fume for the cement industry. It also aims at producing Corethane, which is used to provide thermal and electrical power, as a diesel substitute for fuel security purposes and has industrial applications by energy & fuel sector.
In May 2018, ABX incorporated ALCORE Ltd as its wholly owned subsidiary, transferring the ownership of AlF3 production and unrestricted bauxite refining technology licence, to exclusively cater to its aluminium customers via a separate independent entity. This allowed ABX to focus on its two other core bauxite projects - Binjour project and Penrose refractory bauxite project. ABX considers its Binjour Project as a major bauxite province with the potential to become biggest asset over the next 5 years. By July 2018, ALCORE Ltd commenced Stage 1 of the project by raising the sufficient minimum seed capital from seed investors, needed to begin the site construction work at ALCORE's Pilot Plant site in Berkeley Vale to produce AlF3 test samples.
ABX is also looking strong and robust with its three core bauxite projects - the Tasmanian mine, the Binjour Project and the Penrose refractory bauxite project, well suited for good quality bauxite, efficient infrastructure and connectivity to export ports and no socio-environmental constraints. Along with formation of Alcore Ltd and inception of Alcore project, ABX stock has soared around 30% since 2018 beginning, which suggests a positive outlook and stable growth for the bauxite processing company.
On December 04, 2018, ABX slipped by about 7.7% despite the latest positive development.
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