Queensland Bauxite has received environmental approval to begin development work at its South Johnstone Bauxite Project at Camp Creek in far north Queensland.
In a statement to the stock market, the company said the board and management of Queensland Bauxite believed the EA permit paved the way for a decision on the Mineral Development Licence grant in coming weeks.
“The next stage in the project, is to wait for the decision on the MDL grant while still working towards Mining Lease (ML) applications to allow for mining of all the identified bauxite ore resources at
Camp Creek,” it said.
“The bauxite mineralisation at South Johnstone being close to surface and right off the main highway adjacent to port, close to the Asian markets, means that the company’s capital and operational costs are estimated to be of the lowest cost bauxite projects.”
A scoping study indicated the project is expected to cost about $5 million to bring online.
Bauxite isn’t the company’s only interest. In March it acquired a 55 per cent stake in unlisted public company Medical Cannabis Limited.
The company said the agreement diversified its portfolio by becoming part of what was expected to be a new great Australian industry.
“This is a strategic acquisition poised for growth in the fledgling medical cannabis and hemp seed food industries in Australia and globally,” it said.